College Grads Still Unemployed
The bleakness of national job creation can be witnessed on the current college graduation level, according to a recent New York Times story. Nearly 45 percent of all new college graduates fewer than 25 years of age are either unemployed or working at a job that does not require a degree at all…which obviously defeats the entire purpose of incurring debt in order to achieve academic excellence.
Many Americans can recall the name of someone they personally know that is a college graduate working a dead end job; the Masters Degree student working at Wal-Mart, the guy who received a BA in Finance is cleaning tables at Olive Garden and so on and so on.
Now a lot of individuals feel that obtaining a college degree may not even amount to anything beyond financial mediocrity.
In fact, rural states in the mid-west and south have seen a growing number college graduates jump back into the unskilled-laborer workforce. Retail stores, gas stations, shopping outlets and the fast-food industry has seen a 17 percent increase of individuals who hold a college degree.
Ask anyone who is enrolled in higher education why they are there and the answer is simple; to find a better paying job. That is why so many Americans choose to rack up tens of thousands of dollars in debt in order to make more money.
But how do you pay back that debt if you’re only making minimum wage?
Rutgers University released a study that found 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 workforce in 2006 to 2008.
The median debt for college graduates in the years 2006-2010 is $20,000. Unless you work your way up and actually own Wal-Mart or your local Olive Garden chain, that debt will be there for a very long time.
Let’s remember that geography plays a key role in salary. The average college graduate living in rural, highly taxed or impoverished areas will never make the necessary amount of money required to pay off their student loans in a timely manner. And with student loan debt surpassing credit card debt, it is no wonder more and more people are questioning whether it is financially worth it to go back to school.
Clearly the goal of obtaining a college degree is to better one’s quality of life because we all know there is an unmistakable difference between having a job and having a career.
But tell that to the current White House.
Each time a poor economic report is released, the Obama financial pseudo-sophisticates counter attack with the same old worn out illogical fallacy that they have just magically saved hundreds of thousands of jobs.
Knowing it is thoroughly impossible to prove that ridiculous statement, the administration continually spits out the aforementioned talking points because they know the lap-dog media will regurgitate it to millions of Americans that will blindly shout to the rooftops in glee.
At the end of the day the Obama administration can falsify numbers until the cows come home but the reality of life is that currently millions of Americans are still unemployed with no genuine relief in the near future.
Now we can add college graduates to that group.
Hope and change, baby.
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