In many ways the whole economy has downshifted over the past 5 years. More young people live with their parents. More young people can’t afford cars. Many people in their 50s are forcibly “retired.” Many young women (and young men) survive by waiting tables and pouring coffee even though they are qualified for other work.
This is the sort of thing that happens in a crony capitalist system. The economy loses its dynamism as companies increasingly play defense and look to preserve their piece of the pie by partnering with government.
As companies become more defensive, as the economy becomes more entangled in red tape, opportunity disappears. Young people can find fewer and fewer high quality jobs.
Free markets are good for young people. Crony capitalism works for those who already have jobs and wealth.
Honard, 22, who graduated from Syracuse University in May, works about 25 hours a week at the restaurant while looking for a job related to public policy. She moved to Washington four days after graduation with the hope of finding a position at a think tank or policy-related organization, she said, and has applied to about 20 prospective employers.
“The response has been minimal,” said Honard, whose degree focused on education, health and human services. “There are two ways of looking at it. I could be extremely frustrated and be bitter, or I can make the most of it, and I’m trying to take the latter approach.”