Southern Europe's Young See Little Benefit in Education

THE NEW YORK TIMES REPORTS on a "Doomed Generation" of highly educated young Europeans who can't find work??? Pigs fly.

Young people in Europe start to understand the looming demographic crisis.

With pensioners living longer and young people entering the work force later — and paying less in taxes because their salaries are so low — it is only a matter of time before state coffers run dry.

“What we have is a Ponzi scheme,” said Lawrence Kotlikoff, an economist at Boston University and an expert in fiscal policy.

Glenn Reynolds: "Funny how it seems to work out this way everywhere that high-tax, high-regulation schemes are tried, but young people are usually dumb enough not to realize who gets hurt the most. And what happens when a higher education bubble bursts:"

In Italy, Ms. Esposito is finishing her lawyer traineeship at a private firm in Lecce. It pays little but sits better on her conscience than her unpaid work for the government.

“I’m a repentant college graduate,” she said. “If I had it to do over again, I wouldn’t go to college and would just start working.”

John Hinderaker:"It seems to me that the Times conflates several rather distinct issues in chronicling the malaise of Europe's young. It is not obvious that accumulating "certificates" is the optimum path to gainful employment. Europe has long tended to prize credentials over actual productivity, but that is probably a secondary issue in the current crisis. . .

That is what happens when government inserts itself into every employment decision and when labor unions are given quasi-official powers and status. The result is economic disaster, a disaster first suffered by the young. What has happened in Europe, especially Southern Europe, is a flashing red alert, warning the United States not to follow the same path of government interventionism and union empowerment"

Instapundit reader concerning the demographic problems discussed in the New York Times article:

Mark Steyn  has been warning about this for years, most notably in his book America Alone. Except when he broaches the subject he’s accused of being a right-wing lunatic.

Reynolds: "Well, yes. As with the Hitler/Stalin pact, one must not only have the right opinions, one must have them at the correct time."

Wretchard has additional thoughts on the Times piece, including the phenomenon of educated Europeans moving to Latin America for job opportunities:

So for some Europeans it is Costa Rica or bust; where one of the virtues, in common with most of the Third World, is that there are almost no rules. The absence of regulation must make the non-Western world something like the frontier, where both disaster and great fortune seem to lurk right around the corner. . . .