The New York Times in American Dream Is Elusive for New Generation makes,to me, an astonishing statement. In noting the story of a young college graduate who can’t find work in his field in Boston, the article says that, increasingly, young men have to leave the country to find opportunity!
For young adults, the prospects in the workplace, even for the college-educated, have rarely been so bleak. Apart from the 14 percent who are unemployed and seeking work, as Scott Nicholson is, 23 percent are not even seeking a job, according to data from the Bureau of Labor Statistics. The total, 37 percent, is the highest in more than three decades and a rate reminiscent of the 1930s.
The college-educated among these young adults are better off. But nearly 17 percent are either unemployed or not seeking work, a record level (although some are in graduate school). The unemployment rate for college-educated young adults, 5.5 percent, is nearly double what it was on the eve of the Great Recession, in 2007, and the highest level — by almost two percentage points — since the bureau started to keep records in 1994 for those with at least four years of college.
Talk about a “He-cession”!
Will entrepreneurship help pick up the slack?
Rachel on July 7th, 2010 at 5:48 pm
I am a member of the same generation as this kid and I’m absolutely horrified. I actually wrote a whole blog post about it– check out http://www.bitchesinstitches.blogspot.com. I hope that not all readers of The Times think that every single one of this is like this boy!
American Dream Is Elusive for New Generation | Home Business Review on July 17th, 2010 at 6:14 pm
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