VDH has a dire article on the condition of both the young and the old. The old cannot get by in retirement with savings that are drawing around one percent interest; the children cannot find work, and cannot pay for student loans that are drawing eight percent interest.
So we need jobs; lots of jobs. What's stopping jobs from being created? A lot of the problem is government.
1) Regulation, which he mentions.
2) Uncertainty of the costs associated with new regulations such as Obamacare.
3) Uncertainty occasioned by the election, the outcome of which could have vastly different potential costs for employers.
4) Sequestration, which has defense-related industries not hiring and DOD employees sweating bullets as to whether or not their jobs will be cut.
5) Government preference hiring means that someone who hasn't already been in the civil service or military won't get a job most of the time, unless they are a member of a minority group entitled to preferential hiring. Thus, when there is a government job open, it will more likely go to someone switching jobs within the government than to someone who is unemployed.
But there are also problems for the young associated with the new deal that the private sector is offering them (if it has jobs for them at all).
A) A job that might have been offered as a full-time job with benefits and appropriate pay will now be offered as a part-time job without benefits, and at a lower rate of pay; if a full-time person is needed, it is easier to hire two half-time people and pay less all around.
B) By the same token, a job that would have been part-time (and subject to minimum-wage laws) will now be offered as "temporary" or "seasonal" (and below minimum wage). This may continue to be the case for a job that lasts a year -- four "seasons" of below-minimum wage pay before you are eligible for minimum wage pay.
C) A job that might have been offered as a temporary but paid internship will now be offered as an unpaid internship. And you're lucky to get it, because it means you don't have to list "unemployed" on your resume.
D) With so many older people unemployed, there are competitors for even these lower-paid positions with greater skills and experience.
So government is a big part of the problem; but some of the problem is an actual market correction. Americans aren't worth as much as they used to be, and we're finding ways to pay them less. I see no reason to believe that will change even if job creation picks up; so if you're young, good luck.
Oh, and by the way, whatever you do make? We'll be needing that for state and Federal pensions, health care, Medicare, Social Security, and Medicaid. These are entitlements, so you're just going to have to pay for them whether you can afford it or not.