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Title: College Grads Flood U.S. Labor Market With Diminished Prospects
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URL Source: http://www.bloomberg.com/apps/news? ... 601109&sid=a8f9A4GYLECE&pos=10
Published: May 19, 2010
Author: By Mike Dorning
Post Date: 2010-05-19 23:55:13 by DeaconBenjamin
Keywords: None
Views: 294
Comments: 23
May 19 (Bloomberg) -- Ten months after graduating from Ohio State University with a civil-engineering degree and three internships, Matt Grant finally has a job -- as a banquet waiter at a Clarion Inn near Akron, Ohio. “It’s discouraging right now,” said the 24-year-old, who sent out more than 100 applications for engineering positions. “It’s getting closer to the Class of 2010, their graduation date. I’m starting to worry more.” Schools from Grant’s alma mater to Harvard University will soon begin sending a wave of more than 1.6 million men and women with bachelor’s degrees into a labor market with a 9.9 percent jobless rate, according to the Education and Labor departments. While the economy is improving, unemployment is near a 26-year high, rising last month from 9.7 percent in January-March as more Americans entered the workforce. The graduates’ plight has been the subject of high-level discussions within President Barack Obama’s administration, which so far has concluded the best response is to focus on reviving overall employment and bolstering assistance for higher education, said Peter Orszag, the White House budget director. “What’s clear is that there is harm to those who graduate at the wrong time through no fault of their own, which is one reason why it is so important to improve the jobs market,” Orszag said. “That is the bottom line here.” The scramble for jobs may depress earnings of new and recent college graduates for years to come and handicap their future career opportunities, according to Lisa Kahn, an assistant professor of economics at Yale University’s School of Management in New Haven, Connecticut. It also might hurt Democrats in the November Congressional elections, as the young voters who helped propel the party to power in 2008 grow disenchanted with their economic prospects. Wage Losses Students who graduated in the early 1980s -- when two recessions drove unemployment to a peak of 10.8 percent -- suffered wage losses of more than $100,000 in the next 15 years compared with those who came into the job market during the decade’s boom years, according to Kahn’s research. “They get shifted down into a lower level and lower pay scale,” she said. “They are working for worse firms, they’re not learning as many skills and they’re not moving up the career pyramid as quickly.” The average salary offered to bachelor’s degree candidates this year is $47,673, 1.7 percent less than 2009, when the economy already was in recession, according to data compiled from campus job-placement offices by the National Association of Colleges and Employers in Bethlehem, Pennsylvania. Increasing Competition “More so in the last year to 18 months than at any time, we have seen applicants from prior graduating classes looking for the kind of entry-level jobs we’re recruiting for,” said Dan Black, director of campus recruiting for Ernst & Young LLP, a professional-services firm headquartered in New York. “There are a lot more cohorts competing with each other: ‘09 with ‘10, probably ‘10 with ‘11.” Unemployment among people under 25 years old was 19.6 percent in April, the highest level since the Labor Department began tracking the data in 1948. Their economic travails may haunt Democrats in the November midterm elections. The youthful voters who helped propel the party to victory in the 2006 Congressional elections and gave the 2008 Obama campaign much of its vibrancy are showing signs of waning enthusiasm. Democrats held a 62 percent to 30 percent advantage over Republicans in 2008 among “millennials,” born after 1980, according to the Pew Research Center for the People & the Press in Washington D.C. Their 32-point margin shrank to 18 points this year, with 55 percent leaning Democratic and 37 percent Republican, based on polls taken from January through April. Less Excitement “It’s definitely tamped down the energy and the excitement and activism that the Obama campaign had sparked among that entry-level age group,” said Democratic strategist Joe Trippi, who advised Howard Dean’s 2004 campaign and is working with candidates in several midterm races. Even graduates of elite and graduate universities feel the impact. A new listserv of “Hot Opportunities” Harvard’s career-services office began compiling in March garnered 1,000 student subscribers in its first two days. “This is the first year we have seen such a demand for our services this close to graduation,” said Robin Mount, director of the office in Cambridge, Massachusetts. Thirty-three percent of Harvard’s graduating seniors had accepted a job as of commencement last year, down from 51 percent the year before. The survey results for this year’s class haven’t been released. On-campus recruiting at schools of business declined 65 percent during the fall job-interview season, according to the MBA Career Services Council in Tampa, Florida. Peter Giulioni, assistant dean and executive director of MBA Career Services at the University of Southern California’s Marshall School of Business in Los Angeles, said he is encouraging this year’s graduates to be more flexible in the jobs they seek. “Whereas in the past maybe 10 percent of my students had to go with their Plan B, about 30 percent are now,” he said.
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#1. To: DeaconBenjamin (#0)
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The relationship between morality and liberty is a directly proportional one. "You've got to put right and wrong above legal and illegal. Because when tyranny becomes law, rebellion becomes duty; and it is not rebellion at all, it is submission to the higher law that our government is in rebellion to. We're not the rebels, they're the rebels."
Title: College Grads Flood U.S. Labor Market With Diminished Abilities
One of my customers is in an MBA program, I think at Stanford. I've seen the books he reads, including on entrepreneurship. There may or may not be useful information in those books, but they look like the dumbed down books given to schoolkids and college kids and they are from the same publishers, and while he is busy writing papers and such I gotta wonder if he's getting any of the knowledge I am from working and struggling to start my own businesses. I doubt it.
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The relationship between morality and liberty is a directly proportional one. "You've got to put right and wrong above legal and illegal. Because when tyranny becomes law, rebellion becomes duty; and it is not rebellion at all, it is submission to the higher law that our government is in rebellion to. We're not the rebels, they're the rebels."
Three-quarters of the people in college should be there.
“No amount of reason, evidence, logic or rational argument will ever convince the true believer otherwise.”
3/4 of the people in college should not be there, imo.
And just what is YOUR beef with Ethnic Studies majors??? ;-)
_________________________________________________________________________ The fruits of adopting the mindset that says "go to a school to learn how to present yourself to somebody you don't know as their wage slave". To be expected. I wonder how many kids who worked with their dad in a family business and learned the trade inside and out, found themselves out with diminished prospects looking for a job?
MapQuest really needs to start their directions on #5. Pretty sure I know how to get out of my neighborhood.
Tht's what I meant, I just forgot to put "not" there. All the time in college, all the smart people I met I could count on one hand. All of them became my friends. Most of the students, I thought, how did you ever get admitted?
“No amount of reason, evidence, logic or rational argument will ever convince the true believer otherwise.”
No matter the intelligence of the student, college has a dummy course to fit.
The university I graduated from produced the majority of teachers in the state. I never met a smart one, except one who left the field and got an MS in Economics.
“No amount of reason, evidence, logic or rational argument will ever convince the true believer otherwise.”
I completed both a BS in Business Administration and an MBA while in the army. When I got out of the army I used the knowledge gained from that education to purchase a convenience store, which I turned into a chain of stores that I sold. I then purchased a medical equipment and supply store which I also turned into a chain of stores and sold. The selling of both businesses was very lucrative and allowed me to go back to college full time and pursue a degree in Cell and Molecular Biology. It will also pay for medical school should I do well enough on my MCAT to get in. While my "book learning" did not teach me everything I needed to know to start and run a business, I believe it was a great help and allowed me to see options I may not have known were available had I not had that education. Having said that, there are plenty of successful people in this world who made it without the benefit of a business education. What I believe is ridiculous is businesses requiring degrees for low paying jobs. It seems like today's bachelor's degree is yesterdays high school diploma.
"The Central Intelligence Agency owns everyone of any significance in the major media." ~ William Colby, Director, CIA 1973–1976 Nothing in the State, everything outside the State, everything against the State - Jan Lester, Escape From Leviathan "When plunder becomes a way of life for a group of men living together in society, they create for themselves in the course of time a legal system that authorizes it and a moral code that justifies it." - Frederic Bastiat Good order results spontaneously when things are let alone. - Zhuangzi
Yes, they certainly do. Some are for the educationally-challenged athletes as well as those attending for the social experience of college. Either way, the college collects big jack these days.
When I was young, 18, I drove by the local college but they told me to keep moving. That was my college career. Nowadays, the same college, you can be admitted for SOMETHING, regardless of grades.
Sex 101 combined with mandatory drinking classes is mandatory for ALL students.
Sex 101 combined with mandatory drinking classes is mandatory for ALL students. I was trying to be discrete...
My advice is drop out - out of elementary, middle, junior high, high school, college, university, etc. I agree with the rest you said. Thanks for the additional info.
Good point. I'm glad to have thepiratebay.org and demonoid.com and the Internet available as my professors. I really don't see the point of paying thousands or tens of thousands to take years of my life to learn what I can download in a few hours and read in a few months. I just finished "An Underground History of American Education", author misses some key points and misinterprets others (i.e. Lincoln) but overall chock full of info of how that came to be. It's available online for free but in chapter format, I made a PDF if you wish to PM me with an email address, or else it's available at Amazon etc. Deliberatedumbingdown.com is also free in PDF format now too.
deleted
The relationship between morality and liberty is a directly proportional one. "You've got to put right and wrong above legal and illegal. Because when tyranny becomes law, rebellion becomes duty; and it is not rebellion at all, it is submission to the higher law that our government is in rebellion to. We're not the rebels, they're the rebels."
Well the Internet wasn't as well developed then. Hell, some of the courses I took were done via old fashioned correspondance because I was deployed or stationed overseas and they didn't have the classes I needed. I received the syllabus in the mail complete with the books and the due dates that I had to have my homework in. My tests were proctored by either the post education center or my CO, depending on the sitution. LOL! Times have changed. Hell, nowadays I can go to MIT and watch a complete semester of lecture videos on just about any subject I'm interested in, download the lecture notes, the syllabus and homework assignments. All you need to do is order the book from Amazon and walla, you have have an MIT education for absolutely free.
"The Central Intelligence Agency owns everyone of any significance in the major media." ~ William Colby, Director, CIA 1973–1976 Nothing in the State, everything outside the State, everything against the State - Jan Lester, Escape From Leviathan "When plunder becomes a way of life for a group of men living together in society, they create for themselves in the course of time a legal system that authorizes it and a moral code that justifies it." - Frederic Bastiat Good order results spontaneously when things are let alone. - Zhuangzi
Since the schools employ a variety of methods scientifically designed to impede the education in those and all other pursuits - dropping out is the way to go. There are many options - private school, home school, self school, public library, the Internet, and working all being superior to public school. I agree which is why I recommend dropping out of the public schools.
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The relationship between morality and liberty is a directly proportional one. "You've got to put right and wrong above legal and illegal. Because when tyranny becomes law, rebellion becomes duty; and it is not rebellion at all, it is submission to the higher law that our government is in rebellion to. We're not the rebels, they're the rebels."
#2. To: DeaconBenjamin (#0)
Title: College Grads Flood U.S. Labor Market With Diminished Prospects
#3. To: Eric Stratton (#1)
And what, less than 1% of them I'm guessing, easily, took even a single class in Entrepreneurship.
#4. To: Patriot Henry (#3)
#5. To: DeaconBenjamin (#0)
#6. To: Turtle, 4 (#5)
#7. To: Lod (#6)
Obama is the miscegenated bastard of a white communist whore. True story.
-Schweizerische Schuetzenzeitung (Swiss Shooting Federation) April, 1941
#8. To: DeaconBenjamin (#0)
#9. To: Lod (#6)
3/4 of the people in college should not be there, imo
#10. To: Turtle (#9)
Most of the students, I thought, how did you ever get admitted?
#11. To: Cynicom (#10)
No matter the intelligence of the student, college has a dummy course to fit.
#12. To: Patriot Henry (#3)
One of my customers is in an MBA program, I think at Stanford. I've seen the books he reads, including on entrepreneurship. There may or may not be useful information in those books, but they look like the dumbed down books given to schoolkids and college kids and they are from the same publishers, and while he is busy writing papers and such I gotta wonder if he's getting any of the knowledge I am from working and struggling to start my own businesses. I doubt it.
#13. To: Cynicom, 4 (#10)
No matter the intelligence of the student, college has a dummy course to fit.
#14. To: Turtle (#11)
I never met a smart one, except one who left the field and got an MS in Economics.
#15. To: Lod (#13)
social experience of college.
#16. To: Cynicom, 4 (#15)
social experience of college.
#17. To: Cynicom (#10)
No matter the intelligence of the student, college has a dummy course to fit.
#18. To: Eric Stratton (#4)
My advice to kids today, get your degree online or start at a community college.
#19. To: F.A. Hayek Fan (#12)
While my "book learning" did not teach me everything I needed to know to start and run a business, I believe it was a great help and allowed me to see options I may not have known were available had I not had that education.
What I believe is ridiculous is businesses requiring degrees for low paying jobs. It seems like today's bachelor's degree is yesterdays high school diploma.
#20. To: Patriot Henry (#18)
#21. To: Patriot Henry (#19)
Good point. I'm glad to have thepiratebay.org and demonoid.com and the Internet available as my professors. I really don't see the point of paying thousands or tens of thousands to take years of my life to learn what I can download in a few hours and read in a few months.
#22. To: Eric Stratton (#20)
Education in terms of the 3R's, history, etc. is hardly a bad thing. If one expects to be taken seriously as one gets older, a minimal level of education is required to build upon.
Simply "dropping out" is stupid unless you have zero moral guidance and something better to do with your time at young ages is foolish.
It is tremendously wise to learn how to read, write, and "rithmatic" however.
#23. To: Patriot Henry (#22)
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