On May 18 The New York Times had a story titled “Many With New College Degree Find the Job Market Humbling.”
While I think the entire article is worthwhile reading, two excerpts are particularly notable:
“What’s more, only half of the jobs landed by these new graduates even require a college degree, reviving debates about whether higher education is “worth it” after all.”
“The median starting salary for students graduating from four-year colleges in 2009 and 2010 was $27,000, down from $30,000 for those who entered the work force in 2006 to 2008, according to a study released on Wednesday by the John J. Heldrich Center for Workforce Development at Rutgers University. That is a decline of 10 percent, even before taking inflation into account.”
This situation of recent college graduates unable to find (suitable) jobs is very problematical and pernicious on many levels. The negative impacts of the situation far transcend the college graduates involved.
The Special Note summarizes my overall thoughts about our economic situation
SPX at 1333.27 as this post is written
I saw this story in The Wall Street Journal a few days ago, titled “The New Resume: Dumb and Dumber”
It says a lot about our current economic climate when people feel compelled to understate their credentials in order to appear more attractive for available positions.
While it is unknown as to how widespread this type of behavior is, it is nonetheless significant and telling. We do know for a fact that there is a significant problem with “underemployment” in this country – and by “underemployment” I am speaking of the generalized concept, not how the government officially classifies, and measures, it.
Without writing a long paper on this subject, I will summarize by saying that in the “larger scheme of things”, this type of seemingly perverse behavior of understating credentials hints of an “economic brownfield” environment.
For those unaware of the “economic brownfield” concept, here is my article on the subject:
SPX at 939.5 as this is written