ANALYSIS: Recessions punish our youth and this downturn is no different
Firstly, it ignores the human tragedy, the enormous personal and societal cost in terms of wealth, health and relationships and the havoc that is wreaked by long-term unemployment.
And secondly, once you've experienced a huge drop in economic output, such as now, the rebound starts from a much lower base. The two most recent "official" recessions we have experienced, in the early 1980s and the early 1990s, had long-lasting impacts on the jobs market. It took the best part of a decade for unemployment to drop back below 6 per cent after spiking above 10 per cent in 1984.
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