Europe was already an ageing gerontocracy. Now the Old World must deal with a striking rise of unemployment among youths.
Some scary statistics from Edoardo Campanella at Project Syndicate:
- Unemployment rate for youth… rose by six percentage points in the OECD area from 2007 to 2009, with Spain experiencing an alarming 42% youth unemployment rate in 2010.
- In this sense, Italy represents an extreme case, since even highly skilled young workers, though usually over the age threshold of the youth-unemployment rate (29.5% in the country), are being marginalized.
- According to a study by LUISS University, half of the country’s top business leaders and political officials are 60 or older.
- Moreover, the national statistical institute, ISTAT, points out that in 2009 about 60% of people aged 18-34 (and 30% among people aged 30-34) were living with their parents as a result of their inability to support themselves.
Campanella, an economic advisor to the Italian senate, warns “violent protests could lead to a revolutionary wave similar to 1968.” Sounds like a good choice for economically stagnant Italy.