Young veteran unemployment hits above 13%

The unemployment rate for veterans ages 18-24 hit 13.1 percent in December 2011, according to data released by the Bureau of Labor Statistics.

The represents unemployment among one in three young veterans for the last quarter of 2011, which up from one in five in the last quarter of 2010.

"Those who made the decision to serve our nation and to defend the freedoms of all Americans are selfless individuals, who along with their families have made sacrifices for a cause greater than themselves," says Paul T. Conway, president of Generation Opportunity. "The fact that unemployment is disproportionately high for young veterans should be a cause of concern for every American. When young veterans – highly trained and tested professionals with a proven ability to learn quickly, operate on a team and produce results – are unable to find real opportunities in the job market, it speaks to the poor state of our economy. The root of the problem clearly does not rest with the American veteran – the issue is the faltering economy and leadership in Washington that is committed to higher regulations and job killing taxes that inhibit ingenuity and business expansion, limiting opportunities for all Americans." 

Generation Opportunity recently commissioned a poll among young Americans ages 18-29 that explores their views on the current state of the U.S, including employment. The poll finds that 43 percent of respondents are not satisfied with their level of employment, and only 31 percent of respondents approve of how President Obama has handled their unemployment.

Given the current economic state, 77 percent of respondents plan to delay a major life change or purchase. In fact, 44 percent of respondents are delaying a home purchase, 28 percent are delaying starting a retirement savings, and 27 percent are delaying further education.