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