Best economy ever, right guys?
Yeah, not so fast.
52% of recent college grads, a year after completing their bachelor's degree, are working jobs that don't require a college degree. What's more, ten years after completing their bachelor's degree, still 45% of these grads are underemployed.
In other words, college has continually become an elaborate scam.
What's more,
Most underemployed college graduates are severely underemployed. Among underemployed recent graduates, the vast majority (88 percent) are severely underemployed — that is, working in jobs that typically require only a high school education or less (Figure 1.3), such as jobs in office support, retail sales, food service, and blue-collar roles in construction, transportation, and manufacturing (Figure 1.4). A relatively small group of these graduates (12 percent) are moderately underemployed, i.e., working in jobs that require some education or training beyond high school but less than a bachelor's degree.
So if I've got the math right that's 45% of recent college grads working high school-level jobs like retail, food service, or construction.
More from the story:
What you studied also matters, the researchers said. They found that fields requiring quantitative reasoning, such as engineering (26%), finance and accounting (29%), and computer science (36%), had the lowest five-year underemployment rates.
Health-related work, including nursing, had the lowest underemployment rate, with only 23% of graduates not working college-level jobs five years after finishing their bachelor's.
So kids, if you're reading this, study something that actually matters if you're going to go to college. Don't waste your time with a sociology degree or some gender studies nonsense.
A little more and I promise I'm done:
While college graduates typically earn more than those with only a high-school education, "a sizable share of graduates do not experience the economic outcome they expected from earning a bachelor's degree," the report said.
The difference in pay is significant. Underemployed graduates earn about 25% more than workers with only a high school diploma.
But that's far less than they would make if they had found a job that requires a degree. People working college-level jobs earn 88% more than those with only a high school education, the report said.
That means that the typical graduate working a college-level job earns around 50% more than an underemployed graduate, it added.
Again, best economy ever.
Right?
Right.
While we're here, I might as well show you this:
Yeah man, the coverup here on this "wonderful economy that everyone should celebrate" is not gonna last long. Though I'm sure we'll find out just how terrible the economy really is once January comes back around, and then it'll all be the Orange Man's fault.
Too easy to predict.
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