Alan Nasser reports:
According to the National Association of Colleges and Employers more than 50 % of all 2007 college graduates who had applied for a job had received an offer by graduation day. In 2008, that percentage tumbled to 26 percent, and to less than 20 % in 2009. And a college education has been producing diminishing returns. For while a college degree does tend to correlate with a relatively high income, during the last eight to ten years the median income of highly educated Americans has been declining.
Every two years the Bureau of Labor Statistics issues projections of how many jobs will be added in the key occupational categories over the next ten years. The projected future jobs picture indicates that the grim employment situation is not merely a temporary reflection of the current unusually severe downturn.
There's more:
The US is a nation of knowledge workers? Most new jobs will offer the kind of wage we would expect from an economy in which, according to one of Obama’s most repeated mantras, “we” will “consume less and export more.” BLS avers as much when it projects 51 million “job openings due to growth and replacement needs,” fewer than 12 million of which will require a bachelor’s degree.
Our first austerity generation will be in debt to its teeth and stuck with low-wage work. The relative penury will require more debt still.
An article well worth your time.
