Youth unemployment was climbing steadily even through the boom years.
A huge part of the solution is better technical colleges, free schools and academies where teachers can be sacked and promoted based on merit, and destroying the teachers' unions. All of which the government is doing.
Another big part of the solution is not landing children with useless GCSEs the way Labour did to fiddle the education attainment figures.
Another big part is to create more jobs by cutting taxes.
Another big part is to cut welfare.
I do have reservations about some of what the coalition is doing. It appears to have caved in on housing benefit reform - still allowing people to get £400 a week. The universal credit will be seen as a state crutch, not allowing the invisible hand of the market to find the true fair price for employment. Their immigration policy is bonkers - the focus should be on expelling crazies Labour let in, not on limiting brain surgeons and entrepreneurs.
However, by and large, it seems much better than the alternative.
Incidentally, if we defaulted (which is what would happen under what little we know of Ed Miliband's economic approach), we would not be able to afford any welfare state at all. Ponder on that, if you will...