This article basically states how workers with college degrees can find jobs, but a lot are underemployed, meaning they are working jobs that do not typically require bachelor degrees. In 20123, the underemployment rate was a shocking 44%, compared to a steady rate of 33% in the last 20 years. It also states that the unemployment rate for college graduates ages 25 and older is 3.2%, but for college graduates under age 25, it's at 8.2% (2013), growing from 8% in 2012 and 5.7% in 2007 (before the recession, of course).
Basically, the New York Times is saying that college degrees do not create good jobs at good pay. Of course, people with college degrees are going to have an increase chance of getting jobs and higher wages, that is obvious. However, the value of a bachelor degree has diminished significantly over the past few years since the Great Recession, and with unemployment for college graduates under 25 increasing, it doesn't look good for people my age who are trying to get jobs right out of college.
In addition, as we have learned in class, the unemployment rate does not take into effect people who are out of the labor force, or not looking for a job. Due to the economic crisis, many people are unmotivated to find work if they are not able to get a job right away, thus exiting the labor force. This shows that more people with college degrees are not finding jobs than the unemployment rate suggests. As well as this, many people who need work will look for any job possible, including lower paying jobs at the minimum wage, a probably cause for the increase in underemployment in 2013.
http://www.nytimes.com/2014/02/13/opinion/making-college-pay.html?ref=unemployment&_r=0
Wow, I think that this is a really interesting article and kind of scary for us college students to think about. We now have to think differently about earning a college degree, just because a person has one, doesn't mean that they will get a job. It could take a really long time for a person to get a job, especially because it seems to be that now there there is a higher demand for jobs that don't even require a college degree. This is a scary thought, especially when students are investing in their education and will have to wait a really long time to see a return.
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