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37.5% of Graduates Work in Jobs Requiring No Degree; Who is to Blame? Solutions?


By Mish   Follow   Wed, 28 Nov 2012, 3:43am PST   7,754 views   60 comments   Watch (1)   Share   Quote   Permalink   Like   Dislike  

Student-Loan Delinquencies Surpass Credit Cards, 37.5% of Graduates Work in Jobs Requiring No Degree; Who is to Blame? What About Solutions?
http://globaleconomicanalysis.blogspot.com/2012/11/student-loan-delinquencies-surpass.html
Mish

Bellingham Bill   befriend   ignore   Fri, 30 Nov 2012, 11:40am PST   Share   Quote   Like (3)   Dislike     Comment 1

LOL, $300K is NOT middle class if it can be kept up.

What separates the middle class from the upper class is that the upper class no longer has to rely on wage income to survive, they have money "working" for them, collecting money from other people.

Ten years of $300K salaries with $200K/yr put away will have a $2M asset cushion at the end of it.

At 3% net returns that is $5,000/mo of interest income, plenty to be no longer reliant on wage income and thus no longer "middle class".

$300K/yr is a rocket ship out of the middle class, LOL

thunderlips11   befriend   ignore   Wed, 28 Nov 2012, 5:10am PST   Share   Quote   Like (2)   Dislike     Comment 2

Spoiled Lazy Employers, who now demand Bachelor degrees for basic supervisory and office clerk jobs.

There's no reason you can't answer phones, make appointments, and reorder supplies for the water cooler with only a HS education.

There's no reason you can't make a schedule, hire and fire Part Time kids for running the counter, or remember to order more pre-packaged turkey wraps to sell with only a HS education.

There's no reason you can't collect holiday cookie orders over the phone (or rental cars, or flights, or books, or dildos), take a CC number, type it into a field, and thank the customer on the other end with only a HS education.

You don't need knowledge of Joyce, Kirkegaarde, Margaret Mead, Differential Calculus, Trigonometry, EE Cummings, Carl Jung, Six Sigma Training, Keynes, Friedman, etc. to do any of these jobs.

But companies are demanding at least Associate Degrees, Bachelor Degrees preferred. It's ludicrous, and a huge drain on society.

The reason College Degrees aren't worth a damn is because the kids don't give a damn, they just know it's something they have to do to have a chance in hell of getting a job they can just live on.

Mr Happygoluckofus   befriend   ignore   Wed, 28 Nov 2012, 5:26am PST   Share   Quote   Like (3)   Dislike (1)     Comment 3

The only jobs that require a degree are Doctors and Lawyers.
And that's only because there's a legal reason.
Everything else is just bullcrap to justify enslaving our youth into years of school debt, they'll take most of their adult life to pay off.

thunderlips11   befriend   ignore   Wed, 28 Nov 2012, 5:31am PST   Share   Quote   Like (2)   Dislike     Comment 4

Here's a solution: Mandate a 900 SAT score across the board to get any federal aid or grants.

Problem solved.

I'm sorry, if you got less than 900 on your SAT, you don't belong in college, at least not now. 12 years of education should have done it. Even if you goofed off in HS and instead read books and did woodshop projects or whatever, you should have enough reading comprehension, vocabulary, and math skills to get 900. If you are not that smart, but you're dedicated and a hard worker, you should still be able to get 900+ on your SAT.

dodgerfanjohn   befriend   ignore   Thu, 29 Nov 2012, 1:06pm PST   Share   Quote   Like (2)   Dislike     Comment 5

I can tell you that a part of the problem is people attending very expensive schools to obtain a degree that will not help them get a job all the while using government loans to pay not only for school but also to pay for living expenses as well.

A liberal arts degree from a very pricey school like USC still is a liberal arts degree. And when you graduate and are working as a barrista whatchagonnado with that $150k loan balance?

Peter P   befriend   ignore   Fri, 30 Nov 2012, 9:19am PST   Share   Quote   Like (2)   Dislike     Comment 6

BTW, few jobs truly require a degree by nature.

The hiring managers may simply require it to make themselves feel better.

Ceffer   befriend   ignore   Wed, 28 Nov 2012, 5:32am PST   Share   Quote   Like (1)   Dislike     Comment 7

It would be nice if education were considered a value in and of itself again without the vested estate and meal ticket aspects.

I have acquaintances who think I am crazy because I did something for three years for the education, no ulterior motive, and I don't and never have regretted it a bit, it changed my life and outlook in ways that are difficult to describe.

zzyzzx   befriend   ignore   Wed, 28 Nov 2012, 8:44am PST   Share   Quote   Like (1)   Dislike     Comment 8

thunderlips11 says

Here's a solution: Mandate a 900 SAT score across the board to get any federal aid or grants.

I would make it higher than 900.

Mr Happygoluckofus   befriend   ignore   Wed, 28 Nov 2012, 10:21pm PST   Share   Quote   Like (1)   Dislike     Comment 9

Nobody says

Welcome to slavery.

From 1%

It's not the 1% (who ever in the hell that is, I still can't get an answer)
This is greedy Liberal educators that want a mansion and yacht to teach kids useless liberal arts subjects.

TechGromit   befriend   ignore   Thu, 29 Nov 2012, 10:59am PST   Share   Quote   Like (1)   Dislike     Comment 10

Mish says

What About Solutions?

The solution is so obvious it's staring you in the face. Require a degree to work at Starbucks or Walmart.

Mark D   befriend   ignore   Fri, 30 Nov 2012, 10:49am PST   Share   Quote   Like (1)   Dislike     Comment 11

this is the problem:
http://io9.com/5511030/earn-your-masters-degree-in-vampire-literature

there are a lot of high paying high-tech jobs that require a degree: chemical engineer, petroleum engineer, telecom engineer, hardware engineer, dentist, financial scientist, optometrist, pharmacist, software architect, RN, data scientist.

there are also a lot of IT/programming jobs that pay well and most employers will require a degree unless you have tons of experience. although it's hard to move up the corporate ladder if you don't have a degree.

the people graduating today entered college 5-7 years ago during the bubble when easy money was being made just like during the stock bubble. they will need to adjust their expectations.

i'd say the blame should be placed on 1) the people who didn't plan ahead 2) the gov keep giving loans and aids to people who get useless degrees.

Peter P   befriend   ignore   Fri, 30 Nov 2012, 3:15pm PST   Share   Quote   Like (1)   Dislike     Comment 12

TechGromit says

If 300k a year is middle class, than I'm living below the poverty line only making 100k (combined me and my wife).

The middle class has a wide range.

If your money is not making you money, you are in the middle class.

If you cannot live off the interest of the interest (duplication intended) of your capital, you are in the middle class.

If you spend more money on food than on political contribution, you are in the middle class.

New Renter   befriend   ignore   Sat, 1 Dec 2012, 10:16am PST   Share   Quote   Like (1)   Dislike     Comment 13

CaptainShuddup says

Nobody says

Welcome to slavery.

From 1%

It's not the 1% (who ever in the hell that is, I still can't get an answer)

This is greedy Liberal educators that want a mansion and yacht to teach kids useless liberal arts subjects.

Gee I had no idea Elmer J. Fudd, millionaire was a greedy liberal educator:

http://en.wikipedia.org/wiki/Hare_Brush

FortWayne   befriend   ignore   Sat, 1 Dec 2012, 10:19am PST   Share   Quote   Like (1)   Dislike     Comment 14

Very few jobs require degrees. Degree is just a piece of paper from an education industrial complex vouching that you have paid them enough money for them to consider you a graduate.

thunderlips11   befriend   ignore   Wed, 28 Nov 2012, 5:18am PST   Share   Quote   Like   Dislike     Comment 15

Think about how ridiculous this is:

"Gee, Jane would make a good Office Manager. She's on time, organized with all her little folders, knows the ins and outs of Google Calendar, is prompt and polite over the phone and email, but dammit, she has no knowledge of Nietzsche or the uses of Pi. We'll have to find a college grad instead."

Nobody   befriend   ignore   Wed, 28 Nov 2012, 5:34am PST   Share   Quote   Like   Dislike     Comment 16

CaptainShuddup says

Everything else is just bullcrap to justify enslaving our youth into years of school debt, they'll take most of their adult life to pay off.

Welcome to slavery.

From 1%.

thunderlips11   befriend   ignore   Wed, 28 Nov 2012, 5:37am PST   Share   Quote   Like   Dislike     Comment 17

Knowledge is important, but you can't make somebody give a damn about it.

I'd say that about 1/3 of all people with Bachelor's Degrees didn't really get much academically out of college. They can't speak intelligently about their own damn major. I had a Psych Grad once who did not know who Carl Jung is.

I'm sorry, but how does one get a degree in Psychology without the faintest idea of who Carl Jung is?

People like that can be warm, wonderful, even witty people, but formal, expensive education is wasted on them. Not because they're stupid, but because they don't give a shit. By demanding college educations for these kinds of people, we're wasting their time, our time, and society's limited resources.

Should education be available for all? Yes, but you have to show you give a shit. Raising the bar a bit to a modest leve keeps those who are seeking a rubber stamp out, and improves the experience and outcome for everybody.

JohnLaw   befriend   ignore   Wed, 28 Nov 2012, 9:53pm PST   Share   Quote   Like   Dislike     Comment 18

The solution is the market. Remove government loan subsidies for education and individuals will make better choices about whether higher ed is a good investment of their time and resources.

Nobody   befriend   ignore   Thu, 29 Nov 2012, 3:59am PST   Share   Quote   Like   Dislike     Comment 19

CaptainShuddup says

This is greedy Liberal educators that want a mansion and yacht to teach kids useless liberal arts subjects.

Last I checked, no teachers that I know was the 1%.

Keep up with your ignorance. The 1% rules. And you slaves don't have to know it. We'd like to keep it that way, so you don't feel like an idiot.

Thomas Chongruk   befriend   ignore   Thu, 29 Nov 2012, 12:38pm PST   Share   Quote   Like   Dislike     Comment 20

If that degree helps the person get the jobs, or advance, then unfortunately it has value, ... Even if it's not directly tied to the additional education.

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