October 14, 2009 | | 1 Comment Unemployment has ravaged almost every part of the global workforce. Yet this economic slump has hurt young people the most. Individuals between the ages of 16 and 24 are having the hardest time finding jobs. Even though some dropped out of high school; many are college graduates and have even gone on to earn MBAs and law degrees. In the U.S. the unemployment rate for 16- to 24-year-olds is now more than 18 percent. Last year it was 13 percent. This means that almost 20 percent of young adults don't have a job. These figures don't even count how many are underemployed. This shows that not only are American families struggling, but even teenagers can't find jobs to help their families out. There is also long-term damage that can be caused if young people are unable to start off their careers. These individuals may become a "lost generation." Several studies have shown that when youth can't find jobs over an extended period of time it can lead to problems including significantly lower lifetime incomes. The reasoning behind this is that many people get stuck in the same old job, doing jobs that are beneath their skills and abilities. This in turn can lead employers to believe that they are incompetent or damaged goods. These circumstances will lead to dissatisfied employees even if they have an education because they aren't meeting their potential. However, the U.S. is not alone in these problems. They are also affecting individuals from Britain to Japan. Since many companies aren't hiring new employees especially young workers they are missing from the workplace. As a result, businesses are missing out on new ideas and concepts that younger generations bring in to rejuvenate the company. America is not the only country that has faced this problem, Japan dealt with the same situation in the 1990s and even today. The implications of this problem during the 1990s in Japan have shown long-term effects on the workplace. Japanese individuals that began their career during the 1990s are responsible for 6 in 10 cases of reported depression, stress, and work-related mental disabilities. Because of these circumstances and results, experts believe the same thing will happen to young workers here. Not only is this problem affecting young workers that have already graduated or dropped out, but individuals in school are also getting worried about their ability to find a job. Professors are reporting that their students are anxious about the market. This fear is affecting college students nationwide including top universities like Stanford. There are lots of people out there seeking jobs. But it seems to make logical sense that companies would hire young workers because they're cheap and get rid of the older expensive workers but companies are not taking risks. They are not hiring or even accepting applications. Another problem is that many companies are looking for extensive experience which newcomers don't have. There are thousands of young people that are unable to find jobs in this economy. There are long term implications that can hurt this "lost generation." Recession graduates not only suffer from depression and anxiety but typically earn less over their working career.