Bad Graduation Prospects

Tanzi and Dmitrieva for Bloomberg:

The strong job market should be helping graduates to pay what they owe — and at the top end of the wage scale, it is. But in recent years, while high-school graduates have seen a sharp pickup in earnings, the lower-earning half of college graduates haven’t — and the gap between them is now the smallest in 15 years.

More than four in 10 recent graduates are working in jobs that don’t usually require a college degree, the New York Fed says. And roughly one in eight is working in a field where typical pay is around $25,000 a year or less.

I’ve noticed that my American peers feel a sense of anxiety that the job they have to get to repay loans will be ‘beneath’ degree they’ve worked so hard to obtain. The guarantee of a quality STEM job has not been true for a while now, yet hundreds of thousands of new college students enroll in tertiary education with that expectation.

New York’s Eric Levitz makes a connection between this fact and the relatively high support for Bernie among the youth, and I have to agree. I’ve been seeing support for Bernie from the most unlikeliest of places — super turbo, high-achieving students who seem, at first glance, like bootstrappy-type guys. It absolutely feels as though our generation will be financially worse off than our parents’ — the first generation in modernity to be that way — and not for lack of trying.

Published by Brian

Reviewer Extraordinaire

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