'Your papers, please' must never be heard in America
When Ralph M. Hall was elected to the U.S. House in 1980 at the age of 57, he had already served in the Navy in World War II, built a successful business career and served in Texas' state government for many years.
The big drop in the unemployment rate in recent months came at a fortunate time for President Obama, but economists say it as much because of young people dropping out of the labor market as it is the result of businesses adding jobs.
"Some of the recent decline in the participation rate for the 20-to-24 age group is probably related to the recession," said Bill McBride, author of the Calculated Risk economic blog. "But probably the main reason for the decline is that more people are pursuing higher education."
While some economists are questioning whether young people are hurting their careers and earnings prospects by shunning the job market, Mr. McBride said such worries may be misplaced because youngsters in school are generally increasing their employability.
