Alexei Bayer focuses on the plight of recent graduates:
[N]ew graduates have faced dismal job prospects since 2007. Most recent graduates don’t show up in unemployment statistics because they don’t collect benefits. Some have chosen to go to graduate school in order not to be looking for work in an extremely difficult environment, while others have moved in with their parents and taken up part-time or unskilled work. In addition to 8 million jobs lost since the start of 2008, there have also been millions of jobs not created to accommodate the natural rate of expansion of the labor force.
(Hat tip: Frum)