If the unemployment problem wasn’t bad enough in America, now even college graduates are facing a tougher time finding jobs in the increasingly weak economy. CNBC reports:
It’s not only a bleaker job outlook 2013 graduates face. According to the Economic Policy Institute, the class of 2013 will likely earn less over the next 10-15 years, than they would have before the recession hit and jobs were more plentiful.
This is what happens during an economic collapse – the division of labor breaks down and inevitably people are thrown out of work until there is a correction and re-balancing in the economy, which the government is now preventing from happening with its unprecedented monetary stimulus, courtesy of Ben Bernanke and the Federal Reserve.
The Fed’s highly inflationary low interest rate policies are also responsible for the depletion of savings and capital in the economy, which lead to a less productive economy and less income for workers. And of course less available well-paying jobs.
There is also the problem of a declining quality in higher education (and graduates of that education).
A survey of 500 hiring managers by recruitment firm Adecco, found that a majority—66 percent— believe new college graduates are not prepared for the workforce after leaving college. Fifty-eight percent said they were not planning to hire entry level graduates this year, and among those managers hiring, 69 percent said they plan to bring on only one or two candidates.
“Too many students are graduating with a weak background in science and math,” said Mauri Ditzler, president of Monmouth College.
“We need to make sure our graduates know the basics and many don’t.”
In other words, too many kids are going to college to get worthless degrees in liberal arts which have no real value in the economy.
College administrators of course disagree. Here is an associate dean at Pace University:
Businesses want people in a chosen field but they also want people who can read and write and who are cultural literate. College students must take courses in the humanities like English classes as well as focus on science and math. Otherwise, graduates are going to have a tough time in the job market.
Shouldn’t students be literate before they enter college? Herein lies the problem. If students are not literate by the time they go to college, maybe college isn’t for them. There are plenty of ways to excel and advance in the employment market other than college, including on-the-job training and apprenticeship. And the point of getting a college degree should be to acquire marketable skills in a focused area of study, not to gain a “well-rounded” education. Students would be better off pursuing those interests in their free time rather than paying some overpriced college.
But that would mean less people going to college, which of course no college administrator will have. And then there is the problem of government guaranteed student loans driving up education costs and encouraging many students to take on massive debt who should not go to college in the first place. Many of these youth would be better off entering the workforce directly out of high school.
In many ways higher education can be seen as a scam – and a bubble that will eventually pop, as Peter Schiff explains in this video: