What The Recession Means For Grads' Dreams
Posted by casey on 02-17-2009
The recession has become impossible to ignore, but as a college student, I naively assumed we were safe. After all, going to class is our job and we can't be fired no matter how many days we miss. Then last fall I came across a New York Times article about the economy's affect on college students that quoted a mother saying she often feels like calling her kids who are away at university and telling them to come home because it's too much of a financial strain. That was the moment I realized college kids would be feeling that recession belt tightening as much as everyone else.
It's an interesting time to be in college. Students continue going to class, doing their homework, and studying for exams as they always have, but the promise of post-college careers and lifelong job security is shriveling up just like the stock market. Because many recent grads are still woefully unemployed and living with their parents, fourth year students are no longer walking around campus with smiles of senoritis, chattering on about how they can't wait to take on the "real world." The thought of graduation no longer brings relief; it evokes fear. The recession has created an uncomfortable paradox: while students need jobs more than ever, jobs are increasingly harder to find. The number of jobless Americans increased by more than 50 percent from January 2008 through last month.
Growing up, our teachers charmed us into thinking college was the answer to a fulfilling future. "College degrees earn twice the amount as high school diplomas," I remember a junior high teacher saying. "High school dropouts are four times more likely to be unemployed than those who graduate from university." I wish I could go back and ask my teachers what they think of this statistic: There are now more unemployed college grads than there are high school dropouts. In the past year alone, the unemployment rate for college grads has jumped 76%.
Certain college fields — heath care, information technology, engineering — are seeing a spike in enrollment because of their demand. Switching to a seemingly recession-proof major might seem tempting now, but the pendulum must swing and students will find themselves stuck with a degree they aren't passionate about. While it's impossible not to feel a little discouraged studying journalism, education, or finance while there are hiring freezes in effect at all the largest companies, economists are predicting layoffs will continue for (just?) another year or so. If we can keep our noses in the textbooks or busy ourselves with part-time jobs until then, we still have a shot finding our dream job. After all, we millennials expect nothing less.
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Editor's Note: In honor of New York Fashion Week, I Heart Daily interviewed the ever-stylish Casey about her other blog teenfashionista.com. Check it out!
Categorized under: Collegians, Education







February 18th, 2009 at 8:36 am
The effects of the market on the college graduate hasn't even been scratched. Some are suggesting that college students will be fine because companies will be looking for cheap labor. What they fail to realize is that many of the "experienced" workers who have been "let go" are willing to work for the same wage as a recent graduate. It is going to take creativity, determination and significant resources for many of today's college graduates to overcome the obstacles ahead of them.
http://www.beyond-graduation.com
beyondgraduation.wordpress.com
February 18th, 2009 at 12:37 pm
"Young adults are the nation's largest group of uninsured — there were 13.2 million of them nationally in 2007, or 29 percent, according to the latest figures from teh Commonwealth Fund, a nonprofit research group in New York."
As a former freelancer this article gave me goosebumps and nausea and horrible, horrible memories.
http://www.nytimes.com/2009/02/18/nyregion/18insure.html?em
March 4th, 2009 at 12:09 pm
I was curious about your statistics, especially about the increase in unemployment among college graduates. I would like to use that and wanted an additional reference to the ypulse site.