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Youth Unemployment Will Have Scarring Effect on Canada’s Future Economic Prosperity

Youth Unemployment Will Have Scarring Effect on Canada’s Future Economic Prosperity

Posted on January 30, 2013

OTTAWA– Today’s high youth unemployment rates will have a scarring effect on the future earnings of young Canadians, as well as the country’s greater economic prosperity, said Liberals today.

“A new report from TD Bank has revealed that the continued unemployment and loss of tens of thousands of jobs during the recession has been detrimental to young Canadians, and will have a critical and long-lasting effect on their lifetime earnings,” said Liberal Finance critic Scott Brison. “Liberals have long been calling for a robust youth employment strategy, yet to this day, the Conservative government has paid little more than lip service to this crisis and ignored the economic needs of young Canadian workers.”

TD Bank estimates that loss of income due to persistent high youth unemployment will cost young Canadians over $23 billion over the next 18 years. This latest report builds on Statistics Canada data that has confirmed unemployment continues to be especially painful for youth, with their jobless rate sitting at 14.1% in December – a figure twice as high as the national average.

“This Conservative government must take immediate and decisive action to ensure that our youth – the next generation of Canadian workers – are not left permanently disadvantaged by protracted underemployment,” said Liberal Post-Secondary Education and Youth critic Justin Trudeau. “Now is the time to invest in training and education programs, and implement policies that increase labour mobility so young people have a greater opportunity to enter the work force.”