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“We’re Sorry To Inform You . . .”

- May 24, 2012

More And More Students Find Themselves Rejected From Obama’s Economy

PRESIDENT OBAMA TOLD AMERICANS THAT A COLLEGE EDUCATION IS “A PREREQUISITE FOR SUCCESS” 

Obama: “So Put Simply, The Right Education Is A Prerequisite For Success.” OBAMA: “And here is what we know:  Over the course of a lifetime, those with a college degree -- and I want the young people here especially to listen to this -- over the course of a lifetime, those with a college degree earn over 60 percent more than those with only a high school diploma -- 60 percent more.  Most of the fastest growing jobs require a bachelor's degree or more.  This is what we were talking about earlier in the classroom.  Four out of every 10 new jobs will require at least some advanced education or training within the next decade.  So put simply, the right education is a prerequisite for success.” (President Barack Obama, Remarks On Strengthening America’s Education System, Madison, WI, 11/4/09)

BUT TODAY’S GRADUATES ARE STRUGGLING MORE THAN EVER

Jesse Jackson: “Young People Find Themselves Under Siege.” “Young people find themselves under siege. Youth unemployment for ages 16 to 24 is at Arab Spring levels — officially 16.5 percent. In public schools, children are being hit with teacher layoffs, bigger class sizes, less bus service, fees for sports and other extracurricular activities and less course offerings.” (Jesse Jackson, “Younf Americans Are Under Siege,” Chicago Sun-Times, 4/16/12)

New Graduates Face Record Unemployment

The Labor Market Has Left “Half Of Young College Graduates Either Jobless Or Underemployed.” “The college class of 2012 is in for a rude welcome to the world of work. A weak labor market already has left half of young college graduates either jobless or underemployed in positions that don't fully use their skills and knowledge.” (Hope Yen, “1 In 2 New Graduates Are Jobless Or Underemployed,” The Associated Press, 4/23/12)

  • The Employment Rate For 18-24 Year Olds Is “The Lowest Since The Government Began Tracking This Data In 1948.” “Conversely, the employment rate, or share of people age 18-24 who are working, has dropped from 62.4 percent in 2007 to 54 percent in 2010 — the lowest since the government began tracking this data in 1948.” (Christine Tierney and Marisa Schultz, “Young Voters Lose Enthusiasm Amid Anemic Economy,” The Detroit News, 5/16/12)

“Job Prospects For Bachelor’s Degree Holders” Fell To The “Lowest Level In More Than A Decade” In 2011. “Taking underemployment into consideration, the job prospects for bachelor's degree holders fell last year to the lowest level in more than a decade.” (Hope Yen, “1 In 2 New Graduates Are Jobless Or Underemployed,” The Associated Press, 4/23/12)

  • “About 1.5 Million, Or 53.6 Percent, Of Bachelor's Degree-Holders Under The Age Of 25 Last Year Were Jobless Or Underemployed, The Highest Share In At Least 11 Years.” (Hope Yen, “1 In 2 New Graduates Are Jobless Or Underemployed,” The Associated Press, 4/23/12)

 “The Median Number Of Offers For A Member Of The Class Of 2012? Zero.” “Graduates in 2007 walked through their campus gates with more than two job offers in hand, according to Edwin Koc, research director for the National Association of Colleges and Employers. The median number of offers for a member of the Class of 2012? Zero.” (Josh Boak, “All Dressed Up And Nowhere To Work,” Politico5/15/12)

Those That Can Find Jobs Can’t Make Ends Meet

More College Grads Are “Scraping By In Lower-Wage Jobs” Despite “Higher Tuition And Mounting Student Debt.” “Young adults with bachelor's degrees are increasingly scraping by in lower-wage jobs — waiter or waitress, bartender, retail clerk or receptionist, for example — and that's confounding their hopes a degree would pay off despite higher tuition and mounting student loans.” (Hope Yen, “1 In 2 New Graduates Are Jobless Or Underemployed,” The Associated Press, 4/23/12)

New Graduates’ Incomes Fall By 7 Percent For Each Point Increase In The Unemployment Rate. “For every one-percentage-point increase in the unemployment rate, new graduates' starting income falls by 7 percent, according to Lisa Kahn, an economist at Yale. Two decades later, the unlucky graduates suffer a $100,000 penalty for being born in the recession rather than a boom.” (Derek Thompson, “No Country For Young Men (Or Young Women),” The Atlantic, 11/8/11)

When Today’s Graduates Find A Job, They Will Earn 9 Percent Less “Than If They Had Finished College In Better Times.” “If history is a guide, when today's young graduates do find a job, they will earn 9% less on average than if they had finished college in better times, according to a recent Columbia University study. The worst-off graduates may be those from the classes of 2008 and 2009, according to Yale School of Management economist Lisa Kahn.” (Joe Light and Lauren Weber, “Generation Jobless: For Those Under 24, A Portrait In Crisis,” The Wall Street Journal, 11/7/11)

“Household Wealth For Young Families Has Fallen By 70 Percent Since 1984.” “The big loud statistic from the study is that household wealth for young families has fallen by 70 percent since 1984, while net worth for families with older heads-of-household is up 48 percent. As a result, the wealth gap between young and old families has quadrupled from 10X to 47X in the last 30 years.” (Derek Thompson, “No Country For Young Men (Or Young Women),” The Atlantic, 11/8/11)

  • 37 Percent Of Households Under 35 Years Of Age Have Zero Or Negative Net Worth. “In all, 37 percent of younger-age households have a net worth of zero or less, nearly double the share in 1984. But among households headed by a person 65 or older, the percentage in that category has been largely unchanged at 8 percent.” (Hope Yen, “U.S. Wealth Gap Between Young, Old Is Widest Ever,” The Associated Press, 11/7/11)

And More Young Adults Find Themselves Living Back At Home Than On Their Own

3 In 10 Of Young Adults Are Returning To Live At Home, The Highest Share Since 1950. “Unable to find well-paying work in a weak economy, escalating numbers of young adults – as many as 3 in 10 – are returning home to the family nest, resulting in the highest share of young adults living in multigenerational households since the 1950s, according to a Pew Research Center report released Thursday.” (Husna Haq, “Three In 10 Young Adults Live With Parents, Highest Level Since 1950s,” The Christian Science Monitor, 3/15/12)

Kim Parker, Senior Researcher At Pew: “The Rise In The Boomerang Phenomenon Illustrates The Effect The Recession And The Weak Economy Are Having On Young Adults.” “‘The rise in the boomerang phenomenon illustrates the effect the recession and the weak economy are having on young adults,’ says Kim Parker, a senior researcher at Pew and the author of the study. ‘Young adults were hit particularly hard in the job market and are having to delay reaching some basic financial milestones of adulthood because of this.’” (Husna Haq, “Three In 10 Young Adults Live With Parents, Highest Level Since 1950s,” The Christian Science Monitor, 3/15/12)

“Their Employment Prospects Are Dim, Their Debt Is High, Their Lives Are On Hold And A Stunning Number Are Living With Their Parents, Even Into Their 30s.” (Bob Sullivan, “Recession Threatens Generation Of Young Adults, Inspires 'Occupy' Protests,” MSNBC’s Redtape,” 11/2/11)


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