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53 Percent Of All Young College Graduates In America Are Either Unemployed Or Underemployed
The Economic Collapse ^ | 04/24/2012 | Michael Snyder

Posted on 04/24/2012 9:32:00 AM PDT by SeekAndFind

If you are in college right now, you will most likely either be unemployed or working a job that only requires a high school degree when you graduate. The truth is that the U.S. economy is not coming anywhere close to producing enough jobs for the hordes of new college graduates that are entering the workforce every year. In 2011, 53 percent of all Americans with a bachelor's degree under the age of 25 were either unemployed or underemployed. Millions upon millions of young college graduates feel like the system has totally failed them. They worked hard in school all their lives, they went into huge amounts of debt in order to get the college education that they were told they "must have" in order to get a good job, but after graduation they found that there were only a handful of good jobs for the huge waves of college graduates that were entering the "real world". All over America, college graduates can be found waiting tables, flipping burgers and working behind the register at retail stores. Unfortunately, the employment picture in America is not going to get significantly better any time soon.

All over the United States, "middle class jobs" are being replaced by "low income jobs" and young college graduates are being hurt by this transition more than almost anyone else. Massive numbers of young college graduates are now working jobs that do not even require a high school degree. Some of the statistics about young college graduates are absolutely astounding. The following is from a recent CNBC article....

In the last year, they were more likely to be employed as waiters, waitresses, bartenders and food-service helpers than as engineers, physicists, chemists and mathematicians combined (100,000 versus 90,000). There were more working in office-related jobs such as receptionist or payroll clerk than in all computer professional jobs (163,000 versus 100,000). More also were employed as cashiers, retail clerks and customer representatives than engineers (125,000 versus 80,000).

Can you imagine working really hard all throughout high school and college and always getting good grades and then ending up as a bartender?

Sadly, many hard working college graduates cannot seem to find a decent job no matter how hard they try. The following is one example from the CNBC article mentioned above....

"I don't even know what I'm looking for," says Michael Bledsoe, who described months of fruitless job searches as he served customers at a Seattle coffeehouse. The 23-year-old graduated in 2010 with a creative writing degree.

Initially hopeful that his college education would create opportunities, Bledsoe languished for three months before finally taking a job as a barista, a position he has held for the last two years. In the beginning he sent three or four resumes day. But, Bledsoe said, employers questioned his lack of experience or the practical worth of his major. Now he sends a resume once every two weeks or so.

Have you ever been there?

Have you ever sent out resumes week after week, month after month, only to get absolutely nowhere?

Many recent college graduates are being advised by "career counselors" that they should go back and "get more education".

But is that really the answer? The truth is that there are lots and lots of unemployed and underemployed Americans with advanced degrees too. For example, a recent Business Insider article profiled a law school graduate named Erin that is actually on food stamps....

She remains on food stamps so her social life suffers. She can't afford a car, so she has to rely on the bus to get around Austin, Texas, where she lives. And currently unable to pay back her growing pile of law school debt, Gilmer says she wonders if she will ever be able to pay it back.

"That has been really hard for me," she says. "I have absolutely no credit anymore. I haven't been able to pay loans. It's scary, and it's a hard thing to think you’re a lawyer but you’re impoverished. People don’t understand that most lawyers actually aren’t making the big money."

But what "more education" will do is that it will get you into even more debt. Student loan debt can be one of the cruelest forms of debt, because it cannot be discharged in bankruptcy.

As I wrote about a few days ago, total student loan debt in the United States recently surpassed the one trillion dollar mark. Students keep on racking up student loan debt in the hope that they will find "the American Dream" at the end of the rainbow.

Sadly, many students do everything "right" and still end up in the middle of a nightmare.

But it is not just young college graduates that are suffering in this economy.

As I wrote about a while back, the U.S. economy is not producing enough jobs for anyone at this point.

The mainstream media keeps telling us that unemployment is going down, but the truth is that the percentage of working age Americans that are employed is not increasing. In March 2010, 58.5 percent of all working age Americans had a job. In March 2012, 58.5 percent of all working age Americans had a job.

Does that sounds like improvement?

Of course not.

Unlike what we have seen after every other recession in the post-World War II era, the employment to population ratio is not bouncing back, and that is really bad news.

The main reason for this is because of the bad economy, but also it is important to understand that we are transitioning away from an "employment economy".

Today, most large corporations view employees as very expensive "liabilities". The goal for most large corporations is to minimize those "liabilities" as much as possible. In fact, these days some large corporations lay off huge numbers of workers even while they are making huge profits at the same time.

Once upon a time, Henry Ford made a conscious decision to pay his workers enough money so that they could afford to buy the cars that they were making.

Today, most corporations simply do not care about the living standards of their workers. They simply want to maximize profits to the fullest extent possible.

Many small businesses would like to hire more workers, but the federal government has made hiring workers so complicated and so expensive that it has become exceedingly difficult to make a profit on a worker. Most of the time it is simply easier to try to do more with what you already have.

The number of Americans that can work a job ("just over broke") and still live "the American Dream" is steadily shrinking. Increasingly, the financial rewards in our economy are being funneled to the very top of organizations and workers are finding that their living standards continue to slowly go down.

At corporations that belong to the Standard & Poor's 500 stock index, CEOs earn 380 times what the average worker makes at those companies. In 1980, CEOs only earned 42 times what the average worker made at those companies.

A fundamental shift is happening in our economy and it is not going to be reversed any time soon. Workers are not valued at most companies anymore. No matter how much of yourself you give to your company, when the day comes that you become "disposable", you will be cast aside as so much rubbish.

That is why I try to encourage people to start their own businesses and to be their own bosses. There is no job security anymore. The job that you have today could be gone tomorrow.

Meanwhile, the federal government is actually spending your money to train foreign workers to take our jobs. The following is from a recent Daily Caller article....

While the president has been urging “insourcing,” the government has been sending money to the Philippines to train foreign workers for jobs in English-speaking call centers.

According to New York Democratic Rep. Tim Bishop and North Carolina Republican Rep. Walter Jones, this is unacceptable and “shocking.”

The pair are calling on the United States Agency for International Development (USAID) to immediately suspend what is known as the Job Enabling English Proficiency (JEEP) program.

Can you believe that?

Over and over again, our politicians talk about the need to keep jobs in the United States and then they go out and do things that have the exact opposite effect.

It is truly maddening.

So what are the hordes of American workers that cannot find jobs supposed to do?

Well, one thing we are definitely seeing is a huge rise in the number of Americans that are dependent on the government.

For example, at the end of the Reagan administration the ratio of workers on Social Security disability to active workers was about 2 percent.

Today, it is over 6 percent.

During the first four months of 2012 alone, 539,000 more Americans were added to the Social Security disability rolls and another 725,000 submitted new applications.

Another federal program that is experiencing explosive growth is food stamps.

Last year, one out of every seven Americans was on food stamps, and the Congressional Budget Office is projecting that the number of people on food stamps will continue to grow through 2014.

It is so sad to see what is happening to America. Our economy is being dismantled all around us and the future looks incredibly bleak.

Right now there are millions upon millions of Americans that are sitting at home wallowing in despair. They don't understand why nobody will hire them and they are rapidly running out of options.

The following is a comment that a reader left on one of my recent articles about the middle class....

I cannot believe my present situation…

I worked hard in school and college so that I could escape the low income uneducated mess I grew up in.

I made all the correct decisions with my career, finances, etc. I cannot figure out how I got to where I am at now.

In late 2008 I was laid off in the IT field. I was a go-getter, and I didn’t let anyone tell me the economy would make it difficult to find a job. I had another within 4 weeks.

Was laid off from that job last year. I qualified for unemployment, but then my employer decides to bring a bunch of lawyers and fight my eligibility. After I won again, they appealed again. I finally couldn’t afford to keep paying attorney fees. I finally lost the appeal. I had to pay all that money back.

I’m still trying to find a job in my field. Being the go-getting I am, I immediately took a job waiting tables which amounted to a 75% pay-cut.

I had saved 6 months of expenses and that is completely dry. I have completely drained my retirement and savings. Still cannot find a livable wage job after almost a decade in my field.

Things are slowly going into default and it feels utterly hopeless and stressful. My pristine credit rating is gone, my savings and everything I worked for is gone. I haven’t missed a payment on my mortgage, but it is coming. I can’t cut anything more than I already have.

I just can’t figure out how this could have happened to me. I played by the rules and made all the right choices. I skipped vacations and time off to prove I was a good worker and had what it took to be a valuable employee.

I really am just at a loss at this point. I’m single and have no family. This is really make-or-break for me. I have no fallback plan. The feeling of failure is just gut-wrenching.

Please say a prayer for that reader and for all of the other hard working Americans out there that are desperate to find a job.

If you are at the end of your rope, please do not give up. Even in the darkest moments, there is always a way to turn things around if you will just keep on fighting.

Sadly, way too many people are giving up on life because of the economy. In Europe, economic conditions have deteriorated so badly that there has been a dramatic increase in suicides. The following is from a recent article in the New York Times....

The economic downturn that has shaken Europe for the last three years has also swept away the foundations of once-sturdy lives, leading to an alarming spike in suicide rates. Especially in the most fragile nations like Greece, Ireland and Italy, small-business owners and entrepreneurs are increasingly taking their own lives in a phenomenon some European newspapers have started calling “suicide by economic crisis.”

When the next major economic downturn happens in the United States, we will probably see a similar thing happen here too.

But people need to realize that our lives are not about how much stuff we own.

Even if every single thing is taken away from you and you are left with nothing that does not mean that your life is over.

Even if you have not been able to find a job for years, that does not mean that you should give up.

In life, everyone gets knocked down.

But unless you are dead, there is always a way to get things turned around in a more positive direction.

One thing that I have learned in life is that you must never, ever, ever, ever give up.

The years ahead are going to be really hard for the global economy, but that doesn't mean that they have to be horrible years for you.

The years ahead can be the very best years of your entire life, but that will never happen if you decide to simply give up.



TOPICS: Business/Economy; Society
KEYWORDS: college; jobs; unemployment

1 posted on 04/24/2012 9:32:06 AM PDT by SeekAndFind
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To: SeekAndFind

When you transition away from “an employment” economy that means you lose your job!


2 posted on 04/24/2012 9:34:31 AM PDT by muawiyah
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To: SeekAndFind

Welcome to the United States of Europe!!


3 posted on 04/24/2012 9:34:39 AM PDT by Dr. Ursus
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To: SeekAndFind

many many obama voters in that crowd

sometimes it sucks to get what you wish for


4 posted on 04/24/2012 9:36:30 AM PDT by silverleaf (Funny how all the people who are for abortion are already born)
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To: SeekAndFind

Explains why the University of Iowa’s Writers Workshop is known as the Waiters Workshop.


5 posted on 04/24/2012 9:37:17 AM PDT by Eric in the Ozarks
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To: SeekAndFind

Follow the news stories on the economy over the last five years involving the US, Europe and even Asia.

We are in an economic death spiral. And it IS picking up speed.


6 posted on 04/24/2012 9:37:24 AM PDT by cuban leaf (Were doomed! Details at eleven.)
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To: SeekAndFind
If you are in college right now, you will most likely either be unemployed or working a job that only requires a high school degree when you graduate.

High schools do not confer Degrees! Diplomas, yes. Degrees NO!

7 posted on 04/24/2012 9:38:44 AM PDT by Don Corleone ("Oil the gun..eat the cannoli. Take it to the Mattress.")
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To: SeekAndFind

What, no degrees in dead-assed government work?

That’s where the only growth seems to be in the Obamaconomy.


8 posted on 04/24/2012 9:39:27 AM PDT by EyeGuy (2012: When the Levee Breaks)
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To: SeekAndFind

These people better hurry up and find work, there is a $200 TRILLION debt hanging over their heads also, couple that with student loan debt and America’s Youth is so screwed. But I bet they all learned to put condoms on in 4 languages.


9 posted on 04/24/2012 9:39:48 AM PDT by eyeamok
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To: silverleaf

sometimes it sucks to get what you wish for

Well, they sotta got their wish. If they really dig deep into their pockets they will find the “change” and they can “hope” they can live on it.

Maybe next election they will think it through a little more.


10 posted on 04/24/2012 9:42:41 AM PDT by Bitsy
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Comment #11 Removed by Moderator

To: SeekAndFind
creative writing degree = busy work ... placeholder to keep the young person busy until s/he is 22.

Unfortunately, this kid didn't learn any logic or critical reasoning or he would know exactly what to do to enhance this bogus degree.

Universities should be sued for offering degrees that don't result in jobs.

12 posted on 04/24/2012 9:43:08 AM PDT by xtinct (The will of God will never take you where the Grace of God will not protect you..Be Strong Patriots!)
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To: SeekAndFind

I graduated in 91 and spent the next 6 years working DEAD END Jobs. Eventually, I got my class A cdl while working part time at a bar(cook/barback/doorman-—the grunt jobs) for extra cash.

After several years of pulling double duty with two jobs, I saved up enough money to BUY the bar. I’m not at all rich but I don’t starve.

Nobody gave it to me, I had to earn it. So shall these new college grads. Most of us will start at the basement and crawl our way up the rusted,rotten, ladder of success doing tasks we NEVER imagined we’d be doing but we do it anyway to achieve the American Dream and the Dream is NOT at all like Hollywood describes it.

From what I’ve read on FR, my story is one of many.


13 posted on 04/24/2012 9:45:37 AM PDT by Le Chien Rouge
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To: SeekAndFind

And these student loan debt-laden liberal arts students cant’ even connect the dots between their lack of employment opportunities in 2012 and their votes for Zerobama and the Democrats in 2008.


14 posted on 04/24/2012 9:48:25 AM PDT by RightWingConspirator (Obamanation--the most corrupt regime since Robert Mugabe's Zimbabwe)
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To: SeekAndFind
The 23-year-old graduated in 2010 with a creative writing degree.

Ummm, yeah....

15 posted on 04/24/2012 9:49:21 AM PDT by central_va ( I won't be reconstructed and I do not give a damn.)
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To: SeekAndFind

Nephew with a marketing degree still can’t find work 2 years after graduation. Friends 2 sons graduated with welding engineer degrees both got great jobs in their field after internships and both next year will be making more $ than their manager father.


16 posted on 04/24/2012 9:56:01 AM PDT by MomwithHope (Buy and read Ameritopia by Mark Levin!)
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To: SeekAndFind
So what are the hordes of American workers that cannot find jobs supposed to do?

Die. Especially if they are white. They are messing up the environment, anyway.

17 posted on 04/24/2012 9:57:20 AM PDT by Mr. Jeeves (CTRL-GALT-DELETE)
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To: SeekAndFind

I think the real number is a lot higher than 53%. My observation of my children and their friends makes me think it is more like 80%.

There are no jobs for people who have worked successfully for 20 to 30 years. I was recently told a young RN graduate has been unable to find a nursing job 8 months since her graduation.

Everyone I talk to says people who have jobs are scared of being let go.

I don’t believe for a second that the true number is as low as 53%.


18 posted on 04/24/2012 10:01:29 AM PDT by detective
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To: SeekAndFind
In the last year, they were more likely to be employed as waiters, waitresses, bartenders and food-service helpers than as engineers, physicists, chemists and mathematicians combined (100,000 versus 90,000).

Think about this statement and it tells you nothing about the prospects of math and engineering majors. Stupid argument.

19 posted on 04/24/2012 10:02:05 AM PDT by central_va ( I won't be reconstructed and I do not give a damn.)
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To: xtinct

I prefer denying student loans or finacial aid for non-science degrees. If you want to major in “women’s studies” you can pay for it out of your own pocket and not the taxpayers since you will probably never earn enough to pay it off.


20 posted on 04/24/2012 10:09:03 AM PDT by LetsRok
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To: SeekAndFind

I saw the original story posted on Yahoo, in the Finance section. If you follow the links, you might find that Michael Bledsoe, the hold of the “creative writing” degree in the article above, shows more creativity in his choice of jewelry as well: he sports a nose ring and ear “lobe” rings. Combine his “personal style” choices with a “creative writing” degree, and he’ll continue to work as a barista for the forseeable future.


21 posted on 04/24/2012 10:12:10 AM PDT by Lou L (The Senate without a filibuster is just a 100-member version of the House.)
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To: Mr. Jeeves

So what are the hordes of American workers that cannot find jobs supposed to do?

What else, move back home with Mom and Pop.


22 posted on 04/24/2012 10:18:48 AM PDT by Huskrrrr
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To: SeekAndFind

“I just can’t figure out how this could have happened to me. “

Oh, right...I voted for Obama!


23 posted on 04/24/2012 10:21:35 AM PDT by Huskrrrr
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To: LetsRok

“I prefer denying student loans or finacial aid for non-science degrees. If you want to major in “women’s studies” you can pay for it out of your own pocket and not the taxpayers since you will probably never earn enough to pay it off.”

Very good idea - and it would work, too. What a tantrum the marxist left would throw!


24 posted on 04/24/2012 10:34:36 AM PDT by MichaelCorleone (Stop feeding the beast; spend money only with those who support traditional American values.)
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To: central_va

Exactly. The crime is the fraud being perpetrated byy these institutions that charge $50,000/yr to confer degrees in womyn’s studies, post-modern cultural deconstruction and puppeteering.

These kids are being advised to go back for more education. What they needed from the beginning was the right education - in a skill and field that someone would find useful.

Were I to be hiring right now (and I’m not) I’d toss every resume’ that came to me with one of these useless degrees. Why would anyone knowingly hire a grievance factory?

Some of these college administrators and fair part of their faculties should frankly be in jail for conning these kids.


25 posted on 04/24/2012 10:35:54 AM PDT by SargeK
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To: Le Chien Rouge

Yup. Graduated in ‘90 with a computer engineering degree, spent the next 1.5 years doing telephone-based tech support. Market sucked then too; wasn’t dead-end, but was “underemployed” given the degree. In no way did I blame the degree, in no way did I whine and moan; that was the reality of the job market at the time, I got what I could and did what I could with it.

A degree is Gladwell’s “10,000 hours” packaged and certified; it’s no guarantee of anything. If suitable jobs aren’t out there, having a piece of paper won’t create one.


26 posted on 04/24/2012 10:46:27 AM PDT by ctdonath2 ($1 meals: http://abuckaplate.blogspot.com/)
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To: SeekAndFind

Well, students... you WERE warned, were you not?

But nooooooo... your little pea brains submerged themselves in the initially comforting but ultimately toxic juices of “Hope and Change.”

And, the amazing thing is... you’ll be back for more in November.


27 posted on 04/24/2012 11:15:07 AM PDT by ScottinVA
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To: SeekAndFind

One of the interesting things I have been seeing lately is that the most successful graduates from the Upper Education System aka UES, are those who graduate with little or NO Education loan Debts. Also they are the ones who entered in to the UES having a good idea of where they wanted to be in five or so years.

Also it REALLY helps to have some “life Experience” aka a job and or Service time in the armed forces to give the prospective student an idea of what an education can do for you rather than go into the UES with only a vague idea about your end goals other than partying.


28 posted on 04/24/2012 11:44:31 AM PDT by The Working Man
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To: SeekAndFind

Not much use for the “skills” one gets from the humanities, liberal arts or anything ending in “studies”. That’s got to account for most of them.


29 posted on 04/24/2012 12:03:08 PM PDT by JimRed (Excising a cancer before it kills us waters the Tree of Liberty! TERM LIMITS, NOW AND FOREVER!)
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To: JimRed

I don’t mind schools offering these types of courses, but like “fast food” you should not make it your primary diet.


30 posted on 04/24/2012 1:59:30 PM PDT by LetsRok
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Comment #31 Removed by Moderator

To: SeekAndFind

Look at what you buy, see where it is made and you will understand that the solution is for our employees to get the same pay and benefits as in China. Also have Corporations pay the same tax rates and the Nation live with the same environmental laws as China. But before getting the available work, you would have to be proficient in Chinese. You might not have to relocate.


32 posted on 04/24/2012 2:35:25 PM PDT by ex-snook ("above all things, truth beareth away the victory")
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Comment #33 Removed by Moderator

To: SeekAndFind

Only around 55% are unemployed? Seems 95% are uneducated. Suprised the other 40% even found jobs.


34 posted on 04/24/2012 3:20:18 PM PDT by CodeToad (If it ain't Newt, we're screwt !)
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