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Time of India
6 days ago
- Business
- Time of India
Are summer jobs for US teens becoming extinct? Know the truth behind declining opportunities
Every summer, millions of teenagers trade their schoolbooks for summer jobs. But economic uncertainty, growing extracurricular demands, and the advance of automation are making it harder for young Americans to find work and earn extra income, reports NewsWeek. A recent report from outplacement firm Challenger, Gray & Christmas (CGC) highlights the growing challenge. The company projects that teens will secure about one million jobs during May, June, and July—down from last year's forecast of 1.3 million and slightly below the 1.1 million jobs ultimately filled. If accurate, this would be the lowest summer job gain since 2010, when only 960,000 positions were added. "Many teens need these jobs and employment opportunities to stay in school, help with school expenses and help their families," said sociologist and labor market expert Yasemin Besen-Cassino. "Limited opportunities could mean more hardship for teens from lower-socio-economic status backgrounds." by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 15 Most Beautiful Female Athletes in the World Click Here Undo Senior Vice President of CGC Andrew Challenger summarized the threats: "This summer, we may not see the opportunities manifest. With the current socio-political climate, we may see fewer tourists; with the expected impact of tariffs, we may see higher prices and lower consumer demand. Those who traditionally hire in the summer may hold off this year." ALSO READ: 'They can't add 2+2': Trump's controversial claims on Harvard students regarding remedial math Live Events 'Demand size of the equation' Besen-Cassino shared with Newsweek her concerns about the broader economic landscape: 'It's not surprising that fewer businesses are planning to hire teens this summer.' 'This reflects only one side of the equation,' she added. 'Given the economic uncertainty, tough job market, and widespread layoffs, many teenagers are increasingly anxious about their future employment prospects.' These effects are already showing up in labor statistics. According to data from the Bureau of Labor Statistics cited by CGC, just 5.5 million teens aged 16 to 19 were employed in April—marking the lowest total for that month in three years. The teen unemployment rate also rose to its highest level since 2020, during the early months of the COVID-19 pandemic. ALSO READ: Trump faces awkward moment as his Apple rant gets disturbed by repeated calls on own iPhone. Watch video Eric Edmonds, Chair of the Economics Department at Dartmouth College, pointed to a growing 'mismatch' in the labor market. He and Besen-Cassino noted that many teens are opting for alternative summer pursuits—such as classes, internships, and credentialing programs—that they believe will better prepare them for long-term career success. 'A few decades ago, teens might have seen summer jobs as a stepping stone to future employment,' said Besen-Cassino. 'Now, many are turning to internships or skill-building roles that enhance their resumes and improve their marketability.' While youth unemployment has dropped significantly since the pandemic's peak, it remains elevated—currently at 9.6 percent, up from 9.3 percent a year ago, according to the Bureau of Labor Statistics. But beyond competing interests and a declining desire to work traditional summer jobs in retail or hospitality, a larger structural threat looms: automation. ALSO READ: Tom Cruise net worth: How much money does the 'Mission: Impossible' star currently have? 'It's not just economic uncertainty reducing the availability of teen jobs,' said Andrew Challenger. 'Employers are increasingly turning to technology and automation to perform tasks that teens used to do.' Edmonds added that a sharp increase in motivated teen workers could potentially slow the push toward automation, which is largely driven by chronic labor shortages in low-wage industries such as agriculture and services. 'Teen employment in the US peaked in the 1980s and '90s, when many teens held jobs in retail and the service sector,' Besen-Cassino told Newsweek. 'But with the decline of shopping malls and the rise of automation and AI, the demand for these jobs has dropped significantly.' These shifts are contributing to rising concerns not only among teenagers but also among their parents, who may face similar job risks. 'There's a gap between the wages teens expect and what employers are willing to offer,' Edmonds explained. 'So while many teens are actively looking for work, they're often hesitant to pursue traditional roles in retail or food service.'
Time of India
20-05-2025
- Business
- Time of India
White House study raises alarm: 9 million Americans could lose health insurance in 'major' recession if...
Around 8.2 to 9.2 million Americans could be at the risk of losing health insurance as a result of ensuing recession if President Donald Trump's "big, beautiful bill" on the budget does not pass, the White House said on Saturday. The details were released in a study which stated millions of Americans could lose their health insurance if the proposed budget reconciliation bill fails to pass. Titled "Health Insurance Opportunity Cost if 2025 Proposed Budget Reconciliation Bill Does Not Pass," the analysis was produced by the Council of Economic Advisers and warned that, should the budget not be brought into action, the country could enter a "major recession", according to NewsWeek. ALSO READ: Did Beyoncé take $10 million to appear at Kamala Harris' rally? Trump makes big claim What does the research say? The memo of the White House comes at a time as the debate in Congress over the House Republicans' health care and budget agenda has intensified. The research assumes that the US had approximately 27 million uninsured people in 2025. If the budget bill does not pass, that could increase to approximately 36 million uninsured people, far closer to the approximately 50 million people who were uninsured before the implementation of the Affordable Care Act (ACA), also known as Obamacare, in 2010, according to the memo. Many people in the health industry have been issued a warning that the proposed budget could put millions of lives at risk- being pushed off the Medicaid program. However, in the memo, the White House is arguing the opposite—that the budget would save millions from losing their health insurance. Live Events According to the projection by the White House, the expiration of the 2017 Trump tax cuts in 2026 and other shocks would trigger a "moderate to severe recession", as per Fox News. Economic advisers apprehend that a "major recession" would lead to reduced consumer spending due to higher individual taxes, decreased small business investment and hiring from increased pass-through taxation, a global confidence shock over U.S. competitiveness, and dollar deflation that tightens credit and raises real interest rates. ALSO READ: FBI chief Kash Patel, accused of spending more time at nightclubs than office, makes big announcement What does the memo reveal? "Let's assume that expiration of the 2017 Trump tax cuts in 2026 and other shocks trigger a moderate to severe recession. Such a recession will be driven by higher tax rates which will result in a reduction in economic activity that will lead to significant unemployment. This in turn will strain state finances and likely lead to reductions in generosity of benefits including Medicaid for states providing greater benefits than the average Affordable Care Act Medicaid expansion state. Based on our assumptions, we estimate a net increase in uninsured of potentially 8.2 to 9.2 million people if the 2025 Proposed Budget Reconciliation Bill does not pass," the White House said in a memo. The memo projected a dramatic rise in the uninsured population if the legislation known as the 2025 Reconciliation Bill stalls in Congress amid economic downturn concerns. The White House Council of Economic Advisers memo assumed a baseline of roughly 27 million uninsured Americans in 2025. According to the memo, around 3.9 million people could lose health coverage if the budget bill fails, as 60 percent of the affected jobs currently offer employer-sponsored insurance. The memo also projected a 15 percent decline in coverage among the 22 million individuals enrolled in individual or marketplace health plans, potentially resulting in an additional 3.3 million losing their insurance. ALSO READ: Kanye West's song glorifying Hitler gains 10 million views on Elon Musk's X. But the US rapper suffers a big jolt Furthermore, between 500,000 and 1 million people may lose access to coverage through Medicaid or Affordable Care Act (ACA)–subsidized plans. While the White House emphasized the risks of the bill's failure, opponents have raised alarms about the consequences of its passage. Republicans contend that the bill is essential for curbing federal spending and reducing the deficit. Critics, however, warn that the proposed cuts would disproportionately harm low- and middle-income Americans who depend on ACA subsidies to maintain their health coverage. The 1,116-page bill includes more than $5 trillion in tax cuts, costs that are partially offset by spending cuts elsewhere and other changes in the tax code, and would make permanent the tax cuts from Trump's first term. It also realizes many of Trump's campaign promises, including temporarily ending taxes on overtime and tips for many workers, creating a new $10,000 tax break on auto loan interest for American-made cars, and even creating a new tax-free "MAGA account" that would contribute $1,000 to children born in his second term.
Indian Express
27-04-2025
- Business
- Indian Express
Trump has multiple ‘alternatives' to allow him to serve 3rd term, says ex-White House chief strategist Bannon
US President Donald Trump is completing his first 100 days in office on Tuesday for his second tenure in the White House. The debate of Trump continuing for the third term remains ongoing as former White House chief strategist and right-wing podcaster Steve Bannon has said on Friday that President Trump's administration have 'many different alternatives' to ensure he serves a third term in the 2028 presidential election. Bannon, who served as CEO of Trump's 2016 presidential campaign and later served as advisor to the US president, reiterated his stance that Trump could remain president after the 2028 election in an interview with NewsNation host Chris Cuomo on Friday. 'Politically, it's going to help him in his reelect in 2028 which he just put the merchandise up in last night,' Bannon said, reported News Week. When asked by Cuomo how would Trump continue as the president of the United States considering the limit set by the US Constitution which mandates a maximum limit of two terms, Steve Bannon said there are options available but did not provide any details related to it. 'We have many different alternatives to make sure President Trump on the afternoon of January 2029 is the President of the United States, many different alternatives. And we will roll those out over time,' Trump's former advisor Bannon said. In an interesting development, the Trump Store started selling merchandise with a projection of Trump continuing as president in 2028, which includes hats and T-shirts priced at $36. 'The future looks bright! Rewrite the rules with the new Trump 2028 t-shirt,' The Trump Store said. However, according to the 22nd Amendment of the US Constitution: 'No person shall be elected to the office of the President more than twice, and no person who has held the office of President, or acted as President, for more than two years of a term to which some other person was elected President shall be elected to the office of the President more than once.'
Fox News
16-02-2025
- Politics
- Fox News
Trump's Ukraine envoy pulls no punches with Europe, says EU might not have place in Russia peace talks
President Donald Trump's special envoy for Ukraine and Russia hinted that there might not be a place at the table for Europe during peace negotiations with Russia. Asked if Europeans had a role in talks between Russia and Ukraine, Trump's envoy for Ukraine and Russia, Keith Kellogg, said at a security conference in Germany over the weekend that he was "from the school of realism, and that is not going to happen." The comments come as Trump presses ahead with plans to negotiate peace between Ukraine and Russia, which includes planned meetings between U.S. and Russian officials in Saudi Arabia this week. But European allies might not be included in future talks, Kellogg made clear during his remarks in Munich, arguing that too many voices adds to the risk of derailing negotiations for peace. "What we don't want to do is get into a large group discussion," Kellogg said, noting that Trump is pressing to have a deal done within "days and weeks" and not on a longer timetable. "You got to give us a bit of breathing space and time, but when I say that, I'm not talking six months," he said. The comments come just a day after Vice President JD Vance ripped into European leaders during a speech at the same conference, arguing that European domestic policies limiting free speech were a bigger threat to the continent than Russia. "The threat that I worry the most about vis-à-vis Europe is not Russia, it's not China. It's not any other external actor," he said. "What I worry about is the threat from within the retreat of Europe from some of its most fundamental values, values shared with the United States of America." The remarks by U.S. leaders at the conference have left their European counterparts in shock, according to a report from Reuters, which noted that many European delegates were left worrying about continued U.S. military protection of the continent and the details of a deal brokered in Ukraine with little European involvement. Speaking to Newsweek, Icelandic Prime Minister Kristrún Frostadóttir said she was still "trying to decipher" the meaning of Kellogg's remarks over the weekend, though admitted that she found them a "concern." "This is about Russia, but this is also about Europe," she said. "It's also difficult for foreign leaders to be reacting constantly to unsure comments." "We feel like Ukraine has to be at the table, and Europe does, too," she added. That sentiment was echoed by Estonian Foreign Minister Margus Tsahkna, who argued that Europe will have to "act more strongly" in response to the U.S. push. "If Trump is negotiating with [Russian President Vladimir] Putin about Europe, then it is impossible to talk about Europe without us," he told NewsWeek. French President Emmanuel Macron responded to the developments by calling on European leaders to convene an emergency meeting in Paris, which is expected to center on U.S. efforts to exclude European countries from peace talks between Ukraine and Russia. Those expected to be in attendance at the Paris meeting include NATO Secretary-General Mark Rutte, and the leaders of Germany, Italy, the U.K. and Poland, according to a report from the Guardian. U.K. Prime Minister Keir Starmer is expected to attend the meetings, though he stressed the importance of keeping the European and U.S. alliance together. "The U.K. will work to ensure we keep the U.S. and Europe together. We cannot allow any divisions in the alliance to distract from the external enemies we face," Starmer said, according to the Guardian report. Prospects for a peace deal to end Russia's nearly three-year-old invasion in Ukraine have seemingly intensified in recent weeks, most notably after Trump held separate phone calls with Putin and Ukrainian President Volodymyr Zelenskyy. At a later event at the conference, Kellogg made clear that European interests would still be considered at the bargaining table, noting that the U.S. would simply hope to serve as an intermediary in talks between Russia and Ukraine, the two main protagonists in the conflict. Meanwhile, Rutte urged European leaders to get serious if they hope to be involved in the peace process. "And to my European friends, I would say, get into the debate, not by complaining that you might, yes or no, be at the table, but by coming up with concrete proposals, ideas, ramp up (defense) spending," the NATO secretary-general said at the conference. The White House did not immediately respond to a Fox News Digital request for comment.
