Thursday, December 16, 2010

Everything is terrible

Life is futile. Unemployment for people without a college degree is sky high. So go to college? Not so fast my friend. New grads are jobless and buried under debt.

Over the past year, for example, the unemployment rate for college grads under age 25 has averaged 9.2 percent, up from 8.8 percent a year earlier and 5.8 percent in the first year of the recession that began in December 2007. That means recent grads have about the same level of unemployment as the general population. It also suggests that many employed recent grads may be doing work that doesn’t require a college degree.

Maybe go back to school for a graduate degree? Maybe go to law school...what else can you do with an English degree?

The monetary rewards of pursuing a law career aren't what they once were. What, an observer could wonder, became of those rare $120,000 associates' starting salaries discussed during boom times?

"They don't really exist now," White said. "The average starting salary for law students has gone down dramatically. There are fewer starting jobs in the six figures and more in the five-figure range."

Some new law graduates may be looking at starting salaries as low as the $40,000s, White said.

And those getting any job are probably the lucky ones.

So America is ruined. I guess we should be more like the Chinese then?

Between 2003 and 2009, the average starting salary for migrant laborers grew by nearly 80 percent; during the same period, starting pay for college graduates stayed the same, although their wages actually decreased if inflation is taken into account.

What to do? I have three recommendations:


Whisky Exchange (10/09)


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