The Jobless Class of 2012

Smart Money ^ | 7/6/2012 | Quentin Fottrell

[markomalley]

The Class of 2012 may have few reasons to celebrate this year. Along with the long-term unemployed, experts say their prospects are the bleakest among all job-seekers.

The U.S. economy added a lower-than-expected 80,000 jobs last month, according to data Friday from the Labor Department.  Though the overall unemployment rate remained unchanged at 8.2%, experts say this year’s 1.8 million college graduates have a rough job search ahead. “Over the last five years, the jobs situation has gotten increasingly intense for each successive graduating class,” says Paul T. Conway, president of Generation Opportunity, a non-profit think-tank based in Arlington, Va. “Their concern is now palpable.”

The last half-decade has not been good to graduates. Only a half of those who graduated since 2006 are now employed full time, according to a recent Rutgers University survey.  More college graduates are settling for jobs that in years past would have gone to those without degrees, while people in their 30s are now occupying jobs once taken by recent graduates, says Carl Van Horn, professor of public policy and director of Rutgers’ John J. Heldrich Center for Workforce Development.

But if all the young people who’ve already given up looking for jobs are included — the 1.7 million people aged 18-29 who’ve been out of work for more than a year — the latest 8.2% unemployment figure would be closer to 16.8% for that age group, Conway says. That’s the highest unemployment rate for that age group since World War II. “Their story is one of few opportunities, delayed dreams, and stalled careers,” he says.

The faltering economic recovery prompted students from the class of 2012 to apply for jobs much earlier than graduates of earlier years. More than half of college seniors reported they applied for a job prior to graduating, according to a survey of 48,000 graduating seniors by National Association of Colleges and Employers, and more than a quarter of those that applied for a job found one, the survey found.

Some majors fared far better than others: Over half of those who accounting, engineering, computer science, economics and business administration graduates received at least one offer.

But faced with competition from older workers, young professionals are accepting jobs for less money. College graduates who obtained their first job between 2009 and 2011 earned $27,000 a year or 10% less than those who entered the workforce in the two previous years, the Rutgers survey found. Van Horn says many of this year’s graduates lucky enough to find employment will be disappointed with their salary. Mark Mulholland, 22, a history major from the University of Virginia, graduated in May 2012 and is now looking for work in communications. “My hope is to gain valuable experience rather than a massive salary,” he says. His target? $40,000 a year.

[rlmorel]

I really feel bad for the young conservatives going out into the working world, but I hope and expect they have enough pluck to fight for a living and will take any work they can get and move up.

As for the abject no-loads who voted for Obama in large numbers, I initially felt that I would enjoy seeing them choke on their despair, but after some consideration, I would rather see them acknowlege that the POS they voted for is a farce, and that they vow to learn from it and embrace conservative principles.

I can always hope.

[factoryrat]

College grads now have to compete against seasoned professionals for the same jobs, from scientist right on down to burger flippers. This is the end result of chasing cheap slave labor in foriegn lands. All of that cheap chinese labor is now coming back to haunt us, because now we have to pay for all of the unemployed through taxes to cover unemployment benefits and welfare. The moneychangers and slavedrivers are laughing at you all of the way to the bank, with their brilliant end run around the 13th ammendment, and getting the government to go along with it. If you can’t bring the slaves to the work, take the work to the slaves.

This isn’t anything new, it’s been going on since time immortal.

[SargeK]

Huh. What happened five years ago? Hmmm, Five years ago, January after the 2006 elections... What was it?

Oh yes, now I remember - something about Congress changing hands... And a guy named Galt, and something about a gulch...

Give me a minute, it’ll come to me...

[rbg81]

Read this sentence:

Some majors fared far better than others: Over half of those who accounting, engineering, computer science, economics and business administration graduates received at least one offer. ---------------------------------------------------------

I guess they no longer hire editors either.

[kabar]

125,000 brand new foreign workers with work permits each month -- HERE'S THE PROOF

New data from the Census Bureau show that the nation’s immigrant population (legal and illegal), also referred to as the foreign-born, reached 40 million in 2010, the highest number in American history. Nearly 14 million new immigrants (legal and illegal) settled in the country from 2000 to 2010, making it the highest decade of immigration in American history. This is the case even though there was a net decline of jobs during the decade. In contrast, from 1990 to 2000 job growth was 22 million and 13.2 million new immigrants arrived. Immigrants come for many reasons, such as a desire to join relatives or to access public services. As a result, immigration remains high even during a prolonged period of economic weakness.

[TurboZamboni]

[rurgan]

Immigration both legal and illegal needs to be stopped mow.

Why do we need to import anything foreign be it immigrants or China products?

[rurgan]

Immigration both legal and illegal needs to be stopped mow.

Why do we need to import anything foreign be it immigrants or China products?

Stop the foreign invasion of immigrants and China products.

[JohnBovenmyer]

Romney should start his speeches with "Since Barrack Obama came to DC." In January after the 2006 elections Obama arrived, the Democrats took over Congress, Obama took over the Democrats, and George Bush kept pleading nolo contendere.

[central_va]

The moneychangers and slavedrivers are laughing at you all of the way to the bank, with their brilliant end run around the 13th ammendment, and getting the government to go along with it. If you can’t bring the slaves to the work, take the work to the slaves.

Off shoring, besides killing national security, is a zero sum game with as many losers as there are winners. If you count the national security implications of a decimated manufacturing base, it is lose-lose.

PS: Rush Limbaugh is wrong about this issue...

[El Gato]

Over half of those who accounting, engineering, computer science, economics and business administration graduates received at least one offer.

Nerds and Geeks Rule!

[rurgan]

That's a scary graph. Obama is letting in a million foreign immigrants in "legally" and who knows how many more illegally.

[rurgan]

That's a scary graph. Obama is letting in a million foreign immigrants in "legally" per year, and who knows how many more illegally.

[kabar]

It is not Obama, but our legal immigration policy that predates Obama.

[rurgan]

Obama just passed the Dream Act Amnesty for illegals by royal decree. This POS gave Amnesty to a million illegals by dictate , against the will of Congress and against the will of the American people. Does that predate Obama too?

[kabar]

I am the last person to defend Obama. But the fact remains that our legal immigration policies beginning with the Immigration Act of 1965 have changed the demographics of this country forever. Obama's backdoor amnesty just hastens to the process. And it is illegal and he should be impeached for doing it.

The 1965 Immigration Act: Anatomy of a Disaster

And when you look at what Bush 41 and 43 did, they are just as guilty. Bush 41 doubled the number of legal immigrants into the country. Bush 43 pushed for amnesty for 12 to 20 million illegal aliens. The 2006 Hagel-Martinez amnesty was passed by the Senate (23 Rep senators voted for it) and only the House stopped it. Bush also supported the 2007 Kennedy-McCain amnesty. Jeb Bush is a big amnesty supporter.

The Heritage Foundation concluded that the cost of amnesty would be $2.6 trillion just for increased entitlement program costs. And the number of additional LEGAL immigrants who would join those who were the recipients of amnesty through chain migration, i.e., family reunification, would approach 70 million over a 20-year period, assuming there are only 12 million illegal aliens. We cannot assimilate such numbers. An amnesty would destroy the United States of America with the stroke of a pen.