No jobs for college grads
No jobs for college grads.
A report from the Economic Policy Institute shows that recent college graduates who will be eligible to cast their first votes in a presidential election are unable to find jobs. According to the report, unemployment for young college graduates was 10.4% in 2010, and the underemployment rate was 19.8%. For young high school graduates, the statistics were even grimmer: unemployment was 32.7% in 2010, and the underemployment rate was 55.9%.
I would like to see this broken down by major and college. I bet your Ivy league engineering grads are not having any difficulty finding employment, while you BFE State U ‘Studies’ majors are asking if you want fries with that…
Some additional points I saw from the report (all quotes):
In March, the overall unemployment rate averaged 8.2 percent, and the unemployment rate of workers under age 25, at 16.4 percent, was exactly twice as high.
Black High School graduates now at 49.1% unemployment (paraphrase)
Since the start of the Great Recession, college and university enrollment rates have not meaningfully departed from their long-term trend for either men or women
Young college graduates had an average hourly wage of $16.81 per hour, which translates into an annual income of roughly $35,000 for a full-time, full-year worker.
In the 2011–12 school year, the total cost of attendance for an on-campus student—including in-state tuition, books, room and board, and transportation expenses—at a four year public school averaged $21,447. For a four-year private school, it was $42,224. (BP here – this must be per year, I haven’t found any college that does all this for basically $5,000 per year in-state or not)
Average debt for graduating seniors at public universities was $21,105 in 2008, and average debt for graduating seniors at private non-profit universities was $28,888 (BP again – this is actually not too bad and can be handled – even on $35K/year – if you live frugally and not in high COL cities)
I find the articles comments about defaulting on debt to be laughable. Most of the current student debt cannot be defaulted on except in extremis. They will literally garnish your wages, unemployment checks, SS checks, etc, to pay back the student loans. This is because the US Gov. backs these loans.
Anyway, lots of data and a good article…
Islam will change
Well i do not see these young people voting for Romney, but I am guessing most simply will not vote–why should they? There is no candidate that offers them much and while I agree there are college grads and then there are college grads, the fact is that any college grad has played by at least most of the rules has some ambition and been met by a government which simply does not care about them. Worse because they are not working those of us who were looking forward to a few years of not working face constant threats to social security and medicare, threats made more real by the deal our current president cut with Mitch McConnell and then doubled down on this year in a desperate bid to get re-elected. And I am supposed to vote for him because Justice Ginsburg may die or retire in the next 4 years? Worst Democratic president since Jimmy Carter–he gets the nod over Carter for killing Osama bin Laden rather than have the helicopters crash in the desert
Let them eat Cake!