Question

Evaluate and analyze the consequences of the solutions for an economic recession for jobless individuals around the age of 22, who can't pay off their loans, and for society's overall economy. (How are the public finances, companies etc affected by the measures taken to make economic boom)

Make a thorough and nuanced explanation!

In order to write nuanced answers, it is necessary to answer from different perspectives. To do objective reasoning showing things from different directions. A consequence can be positive for one party but negative for someone else. Or positive in a short-term perspective but negative in the long run. It usually depends only on how to look at the matter. Your task is to showcase these different perspectives. Show that you have a deeper understanding of the subject's complexity. That reality is not black and white, but it's a gray area.

Answer 1

It's a nightmare to think anout a situation like this where the the country is fasing recession and indivuals just come out of the college and searching for job. This is the time when even companies cant pay peanuts to the employee and a new joinee is more like impossible.

With the loans to be repaid this time become even more tuff.

Below are the few options which can be used to curb this problem. Though it is easy to state than to implement but these options ca help during the time of crisis.

Double-down on community colleges- these represent the most promising path to high-quality employment for millions of youths. The current system is heavily dependent on pro-cyclical state and local budgets such that funding decreases in down times, precisely when the demand for upgraded skills is highest. A long-overdue doubling-down on nation’s investment in “gateway higher education” should include the establishment of national goals and a related performance measurement system, along with the resources necessary for obtaining those goals, and policies designed to incentivize greater innovation in community college practices aimed at enhancing educational quality. Policies should also focus on collaboration between community colleges and employers in order to develop training for fast-growing high-demand industry .

Expand and revise the Registered Apprenticeships program at the Department of Labor- Combining on-the-job training and classroom instruction through the apprenticeship model has a history of success. Apprenticeships is advantageous to both workers and employers, boosting wages for the employee and increasing productivity for the employer. The concept of a formal, paid training program that combines on-the-job and classroom instruction can be applied to virtually any field. Expanding the Registered Apprenticeship program in both number of participants and available occupations would create new pathways to work for young Americans scrambling to find a foothold in the economy.

Increase the financial incentive for employment through an expanded Earned Income Tax Credit (EITC) targeting childless adults, including younger workers- The EITC provides a tax refund for low-income workers that has gone a long way toward making work pay and it is the nation’s largest anti-poverty program. Bills should be proposes to make more young, childless workers eligible for the EITC, and boost the value of the credit to those eligible. Such proposals have the potential to incentivize employment for young people, and to reduce poverty amongst those who are working.

Engage employers in building a solution- Surveys of employers suggest that businesses believe they cannot find qualified workers to fill their non-managerial ranks.Businesses already engaged in youth talent development work report seeing a range of positive outcomes, including increases in employee engagement, loyalty, and retention.