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53% of New Graduates are Jobless or Underemployed
Townhall.com ^ | April 26, 2012 | Mike Shedlock

Posted on 04/26/2012 6:10:20 AM PDT by Kaslin

The USA Today reports graduating class of 2012 is in for a rude awakening as Half of new graduates are jobless or underemployed.

A weak labor market already has left half of young college graduates either jobless or underemployed in positions that don't fully use their skills and knowledge.

Young adults with bachelor's degrees are increasingly scraping by in lower-wage jobs — waiter or waitress, bartender, retail clerk or receptionist, for example — and that's confounding their hopes a degree would pay off despite higher tuition and mounting student loans.

Median wages for those with bachelor's degrees are down from 2000, hit by technological changes that are eliminating midlevel jobs such as bank tellers. Most future job openings are projected to be in lower-skilled positions such as home health aides, who can provide personalized attention as the U.S. population ages.

Taking underemployment into consideration, the job prospects for bachelor's degree holders fell last year to the lowest level in more than a decade. "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.

About 1.5 million, or 53.6%, of bachelor's degree-holders under the age of 25 last year were jobless or underemployed, the highest share in at least 11 years. In 2000, the share was at a low of 41%, before the dot-com bust erased job gains for college graduates in the telecommunications and IT fields.

Out of the 1.5 million who languished in the job market, about half were underemployed, an increase from the previous year. Broken down by occupation, young college graduates were heavily represented in jobs that require a high school diploma or less. 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).

According to government projections released last month, only three of the 30 occupations with the largest projected number of job openings by 2020 will require a bachelor's degree or higher to fill the position — teachers, college professors and accountants. Most job openings are in professions such as retail sales, fast food and truck driving, jobs which aren't easily replaced by computers.
Useless Degrees

The USA Today talks about the "underemployed". Is that really what's going on?

Just what job does someone majoring in Political Science, English, History, Social Studies, Creative Writing, Art, etc., etc., etc., expect to get?

Arguably, graduates in those majors (and many more) should be thankful to get any job. Therefore, those who do land a job should therefore be considered fully employed, not underemployed.

In turn, this means a college education now has a negative payback for most degrees. 

Bledsoe, currently making just above minimum wage, says he has received financial help from his parents to help pay off student loans. He is now mulling whether to go to graduate school, seeing few other options to advance his career. "There is not much out there, it seems," he said. There is nothing out there for many degrees which means that going to graduate school will do nothing but waste more money. Nurses are still in demand, but technology and engineering majors are crapshoots. If you can land a technology or engineering job it is likely to be high paying, but if not, the next step is retail sales.


Who Benefits From Student Aid?  

Students get no benefit from "student aid". Rather, teachers, administrators, and corrupt for-profit schools like the University of Phoenix do.


Obama wants to throw more money at education, and that is exactly the wrong thing to do. Instead, I propose stopping student aid programs and accrediting more online schools to lower the cost of education so that degrees do not have negative payback.
  
Sadly, there is a trillion dollar student loan bubble, and that debt overhang will negatively impact the economy for years to come. Let's not make the problem worse. It's time to kill the inappropriately named "student aid" program.


TOPICS: Business/Economy; Culture/Society; Editorial
KEYWORDS: collegegrads

1 posted on 04/26/2012 6:10:26 AM PDT by Kaslin
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To: Kaslin
About 1.5 million, or 53.6%, of bachelor's degree-holders under the age of 25 last year were jobless or underemployed, the highest share in at least 11 years.

A dismal stat, but do they ever get around to splitting the jobless and the underemployed? It'd be more meaningful to see to two separately. Didn't see that wile scanning the article.

2 posted on 04/26/2012 6:16:22 AM PDT by Will88
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To: Kaslin

Good! Little Che t-shirt wearing, Marxist voting a-holes! Learn to love it! You voted for it!


3 posted on 04/26/2012 6:17:21 AM PDT by albie
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To: Kaslin

This is the reality of the world that a lot of these kids wanted when they supported Obama. Socialism and taking from the rich sounds good in theory. Getting degrees in Social Work and Wymyns Studies and going to work to help the disadvantaged sounds good in theory. And then reality smacks you in the face — there are no jobs. When everyone is sitting on their ass unemployed because they have a Social Work degree, no one is generating the income to pay for the rest of society to live. We are running out of other peoples’ money.


4 posted on 04/26/2012 6:17:21 AM PDT by Opinionated Blowhard ("When the people find they can vote themselves money, that will herald the end of the republic.")
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To: Kaslin

Well, if they’d gone for a 2-year degree in autobody repair instead of a 4/6-year degree in Expressive Dance or Women’s Studies for the New Millenia...


5 posted on 04/26/2012 6:31:29 AM PDT by moovova
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To: Kaslin

HA!

Hope and Change, clowns! You went to “college” and got a “degree” in something that was never designed to make money, especially now that 1000000000000 other Gen-Y dupes got the same thing. Maybe if you were smart enough to go into something with a demand, and not have been so stupid to vote for O, you might actually have a chance.

Enjoy your college debt. Oh, and where’s my damn fries?


6 posted on 04/26/2012 6:34:19 AM PDT by VanDeKoik (If case you are wondering, I'm STILL supporting Newt.)
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To: Kaslin

HOPE AND CHANGE! has become HOPE THEY’LL LEAVE SOME CHANGE ON THE TABLE FOR A TIP FOR ME!

Vote Democrat!


7 posted on 04/26/2012 6:34:19 AM PDT by blueunicorn6 ("A crack shot and a good dancer")
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To: Kaslin
This the Change you idiots voted for.
Now about that Hope part. . . . . . . . . . .
8 posted on 04/26/2012 6:35:14 AM PDT by DeaconRed (Cold War Veteran. . . . US Army Security Agency 1964-1968- I have now gone pecan.)
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To: Kaslin

REALITY!

If you want to stretch your brain,
Then you must endure the pain.
Pain at the Bank,
And pain at your desk,
Succeed or perish that is the test.

The pain at the Bank
Was of Obama’s design,
So work to pay back
What you borrowed from us.
And never look up,
‘Til you’ve earned our trust.


9 posted on 04/26/2012 6:47:34 AM PDT by Graewoulf ((Dictator Baby-Doc Barack's obama"care" violates Sherman Anti-Trust Law, AND U.S. Constitution.))
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To: Kaslin
technology and engineering majors are crapshoots. If you can land a technology or engineering job it is likely to be high paying, but if not, the next step is retail sales.

Engineering depends on the specialty. Electrical, mechanical or civil engineers are under high demand. You may have to be willing to relocate to someplace where they are building stuff, but at 21 you shouldn't have laid down too many roots. Mechanical engineers or someone with a geology degree aren't going to have a problem finding a job in North Dakota these days. In California where they are closing companies as fast as they can hire a moving van it is a different story.

As for technology the problem is that many of the degrees don't prepare the students for the real jobs. It isn't like in the 1990s when people were making it up as they went along. Today you have to show you know how to use the tools. A sheepskin won't get you a job unless you also have an MCSE or an SCJP. Heck a high school degree and an SCMAD will get you in the door and likely a six figure salary. Might not get you into project management, but it will definitely get you in the door and a big honking paycheck.
10 posted on 04/26/2012 6:49:37 AM PDT by GonzoGOP (There are millions of paranoid people in the world and they are all out to get me.)
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To: Kaslin

It would be interesting to learn what their degrees are in. I wonder how many are in technical fields.


11 posted on 04/26/2012 6:52:17 AM PDT by SkyDancer ("Talent Without Ambition Is Sad - Ambition Without Talent Is Worse")
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To: GonzoGOP

Even an MCSE isn’t a guarantee for work. I’m a Windows/VMWare engineer with a BA in English and a graduate certificate in professional writing. If you have IT background/experience and can write, there’s a HUGE demand for you. I’m proof of that.

Even my former boss told me, “Once a 14 year old Chinese girl got an MCSE, it grew to mean ‘Must Consult Someone Else.’”

Raw tech skills aren’t hard to learn. Experience in large scale enterprise environments or with specific hardware and software is another story, and that’s what employers seek nowadays.


12 posted on 04/26/2012 6:55:20 AM PDT by rarestia (It's time to water the Tree of Liberty.)
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To: SkyDancer

Information Technology, in general, isn’t necessarily populated with college degree holding workers. Most of my co-workers don’t have degrees or they aren’t in related fields (mine included), but they know systems and methodologies better than any comp sci major fresh out of undergrad.


13 posted on 04/26/2012 6:57:08 AM PDT by rarestia (It's time to water the Tree of Liberty.)
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To: VanDeKoik

Not every college kid voted for 0. I for one knew exactly what his presidency would mean for my job, my ability to pay off my college debt, and my ability to get out on my own.

I graduated in the summer of 2008 right when the bottom fell out, and not everyone can be an engineer or a doctor, so some of us who are more creative or struggled with math and science and wanted to go to into careers that suit our talents couldn’t find a job in those fields and ended up unemployed because there wasn’t much professional work available. It took me two and a half years to find my first “real job” after working two jobs part time to get me experience (many jobs after the bank crash weren’t entry level and many of them wanted 3 years of experience) for the field I wanted to get into: marketing. Happy to say I’m now employed as a Marketing Associate and while I wish this would have happened a couple years earlier I just have to grudgingly admit that sometimes life gives you a challenge and that you just have to work hard and stick it out to do what you want to do and be where you want to be.

I’m part of Gen Y, I didn’t want this economic apocalypse, I voted against 0 and I have sympathy for those in my generation who saw the same thing and are now struggling to get work. The others in my gen who support this guy are idiots, but for those who woke up I feel for them, and maybe, hopefully they learned an important lesson. My point is, is that not all Gen Yers are libs, if anything this economy might be a grand awakening for many of them. The ones who are now demanding handouts (and it isn’t all of us, I have debt, but I will pay it off without government aid) are the same idiots who would vote for this clown regardless. Some of us, a lot of us, want to have careers, start a family, and live a better life.


14 posted on 04/26/2012 7:01:26 AM PDT by erod (This Chicagoan will crawl over broken glass to vote the fake Chicagoan Obama out!)
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To: erod

You are absolutely right, erod!

Goodness knows the nightmare you guys are have to put up with after having to put up with years of the college circus.


15 posted on 04/26/2012 7:07:49 AM PDT by VanDeKoik (If case you are wondering, I'm STILL supporting Newt.)
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To: Kaslin

“their hopes”

The most important lesson these kids can learn is what they should hope for, and then explore the basis for their hope.

Where are the so called good jobs? Why the debt? Those questions aren’t important. All we need is good business ideas. Steve Jobs said the big mistake many corporate executives make (and Sculley did it while running Apple) is giving priority to making money as opposed to making the best products.

We need idea talk, not money talk and unemployment talk. I was inspired last night to learn that a television manufacturing plant has opened in Detroit. Can’t remember the brand name. The boxes containing the televisions have “Made in America” in large type and a red, white and blue flag-like background. If I needed a TV, I’d go buy one of these things.

The founders of this company were propelled by an idea. They brought together the designs, the parts, the manufacturing equipment, the employees, the financing, etc. Sounds like hard work, huh? They’re taking some risk, too.

I daresay these leaders are nuts and bolts people, not financiers and economists.


16 posted on 04/26/2012 7:28:09 AM PDT by cymbeline
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To: Kaslin

Gee, isn’t 53% the percentage of people who pay no federal income taxes or get a federal income tax “refund” called the earned income tax credit? Coincidence, or maybe it has something to do with the fact that so many people “earn” degrees that qualify them for nothing more than they were were qualified to do when the received their high school diplomas?


17 posted on 04/26/2012 7:31:49 AM PDT by MIchaelTArchangel (Romney ruined Massachusetts. Now he wants to ruin the nation.)
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To: erod; All
not everyone can be an engineer or a doctor

This is a key point. I am speaking to all of you who post on these kinds of threads, "Well, they should have gone for an engineering degree"; I see that often and if you reflect upon it, you can see the ridiculousness of such a statement. Not everyone has the capability of being an engineer (for one thing that requires the ability to handle the higher maths and not everyone can). It should be obvious but I guess it isn't.

18 posted on 04/26/2012 7:53:16 AM PDT by OldPossum
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To: OldPossum

Good point. If all of a sudden there is a huge spike in engineering grads, the prevailing salary of an entry-level engineer will go down and many will still be out of work because there are only a finite number of engineering jobs available.


19 posted on 04/26/2012 8:17:55 AM PDT by wrcase
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To: Kaslin

That’s not bad since more than 53% have worthless degrees, are illiterate, and can’t dress themselves.


20 posted on 04/26/2012 8:58:15 AM PDT by CodeToad
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To: wrcase

What you say is true, oversupply always depresses wages and prices.

But this can only happen if schools drastically lower their standards for engineering studies. But I don’t put that past them. Could happen.


21 posted on 04/26/2012 9:20:58 AM PDT by OldPossum
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To: Kaslin; All

YES WE CAN!! Si se puede!!! Yes we can!!! SI SE PUEDE!!!

How’s that “Hope and Change” thing working for you guys?

Sorry, I have very little sympathy, knowing that most of them worked, and voted, for Obama.


22 posted on 04/26/2012 9:21:57 AM PDT by no dems (TED CRUZ: A PROVEN CONSERVATIVE FOR U.S. SENATE FROM TEXAS.)
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To: Kaslin; All
The President's campaign tour of college campuses touting the "non-issue" of the expiring reduced interest rate for college loans and his "saving" of that rate for them, together with his unsubstantiated claims about his own difficulty paying off college loans may make for good political theater, but it relies on the naivete and "dumbing down" these students have experienced in their schools.

Submitted here is an example of student reaction to one of his visits yesterday.

Had students been taught that the debtor is slave to the debtholder, and that the role of government is not to enslave people, but to provide a framework of laws to protect their freedom, they might not be attracted to shallow "rock star" leadership, but to someone who would tell them the truth about their Constitution's limits on power in government.

Sadly, the facts presented in the articles on this thread are not presented to these students, who, likely will not find jobs available because of the "taking" and "spending" philosophy of the redistributionist policies of the past 3+ years, and decades of government's ignoring Constitutional limits on spending, deficits, and debt.

23 posted on 04/26/2012 9:24:38 AM PDT by loveliberty2
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To: cymbeline
They’re taking some risk, too.

Not least of which is that of attracting the notice of the corrupt government leeches who live to suck the life out of success.

If they're in Detroit, it won't take long.

24 posted on 04/26/2012 9:47:06 AM PDT by thulldud (Is it "alter or abolish" time yet?)
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To: rarestia
Even an MCSE isn’t a guarantee for work. I’m a Windows/VMWare engineer with a BA in English and a graduate certificate in professional writing. If you have IT background/experience and can write, there’s a HUGE demand for you. I’m proof of that.

Congrats for being successful! I'm a retired computer systems engineer. I was a bit worried when one of my daughters majored in English, but it was her life and I supported her. She got her degree (at 21), became a writer and editor at a magazine, then after a few years became a technical writer at a huge biotech firm. Tecnical writers are much in demand. Now she's a well-paid manager with biotech technical experience. Although she's not in computers, a degree in English can pay off - you just need to be focused and work hard.

25 posted on 04/26/2012 11:33:01 AM PDT by roadcat
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To: VanDeKoik

Btw I totally agree with you about having 0 sympathy for the idiots who vote for this guy and support him and then complain how they can’t get work. The college experience is a circus for conservatives I can’t tell you how many dumbass professors I had it would take me all day.


26 posted on 04/26/2012 12:14:53 PM PDT by erod (This Chicagoan will crawl over broken glass to vote the fake Chicagoan Obama out!)
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To: OldPossum

I would also like to add that just because you aren’t an engineer or doctor doesn’t mean you can’t be successful. My close friend and mentor was in a creative marketing position and by the end of his career the guy was making $350,000 a year, if you work hard and apply yourself you can go places. Kids just need an opportunity and I’m damn lucky I have one, a good one, in the tech industry, I thank God for having mercy on me and providing me with one. I feel for the conservative youth in my family and friends who are caught up in this mess, and have to struggle to get a career.


27 posted on 04/26/2012 12:25:18 PM PDT by erod (This Chicagoan will crawl over broken glass to vote the fake Chicagoan Obama out!)
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To: Will88

I did a search on it a few days ago for my daughter. In 2010 it was about the same numbers (~48%), with it split about half unemployed (~22%) and the rest underemployed.


28 posted on 04/26/2012 12:33:08 PM PDT by 21twelve
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To: erod

Thank you for that comment. I, too, feel sorry for those caught up in this economic mess, and I think of how different it was when dinosaurs roamed the Earth and the OldPossum got his BA, and how lucky he was to have no problem finding a job literally days thereafter.

What astounds me more than anything else is the unbelievable optimism shown by young couples currently having children. Do they know something I don’t?


29 posted on 04/26/2012 1:55:34 PM PDT by OldPossum
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To: 21twelve
In 2010 it was about the same numbers (~48%), with it split about half unemployed (~22%) and the rest underemployed. That's not good. I'd have guessed it'd be more like 1/4 of the group unemployed and 3/4 of them underemployed. 22% is a very high unemployment rate for new grads.
30 posted on 04/26/2012 6:56:45 PM PDT by Will88
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To: Will88

“A new report from the Georgetown University Center on Education and the Workforce released today finds unemployment for recent college graduates is 8.9 percent, compared with 22.9 percent of job-seekers with just a high school education and 31.5 percent among high school dropouts.”

These are some numbers from 2011 or 2012. I couldn’t find the original chart i was looking at, but I suspect I may have been looking at an age grouping instead of college graduates. Sorry about that. Or - it may have been how the data were presented and for what bias (”Lies, Damned Lies, and Statistics”)

However - in looking for this new information I did come across the headline of “84% of college grads move back in with parents”. Ouch.


31 posted on 04/26/2012 7:30:06 PM PDT by 21twelve
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To: 21twelve
The writer of the original article should have broken the percentage down. That was quite a headline to just hang out there and then not give the breakdown.

53% of New Graduates are Jobless or Underemployed

And I heard several talkers using the 53% for discussion today.

32 posted on 04/26/2012 7:39:18 PM PDT by Will88
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To: OldPossum

In regards to young couples having kids there should be a great cause for optimism. I really think things are going to get better, we’re going through a tough time, but I really do believe our best days are ahead of us jmo.


33 posted on 04/27/2012 6:27:33 AM PDT by erod (This Chicagoan will crawl over broken glass to vote the fake Chicagoan Obama out!)
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