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News: Half of College Graduates Have Low Wage Jobs
Member Since: 9/1/2012
Posts: 2,748
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Half of College Graduates Have Low Wage Jobs
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Nearly half of working Americans with college degrees are in jobs for which they’re overqualified, a study out on Monday suggests.
And the study, released by the nonprofit Center for College Affordability and Productivity, argues that the trend is likely to continue for newly minted college graduates in the next decade.
“It is almost the new normal,” said lead author Richard Vedder, an Ohio University economist and founder of the center, based in Washington.
The number of Americans whose highest academic degree was a bachelor’s grew 25 percent to 41 million between 2002 and 2012, statistics released last week from the U.S. Census Bureau show.
The number with associate’s degrees increased 31 percent, while the number of Americans for whom the highest level of education attainment was a master’s or doctorate degree grew fastest of all — 45 percent and 43 percent, respectively.
Earnings in 2011 averaged $59,415 for people with any earnings ages 25 and older whose highest degree was a bachelor’s degree, and $32,493 for people with a high school diploma but no college, the census data show.
Vedder, whose study is based on 2010 Labor Department data, says the problem is the stock of college graduates in the workforce (41.7 million) in 2010 was larger than the number of jobs requiring a college degree (28.6 million).
That, he says, helps explain why 15 percent of taxi drivers in 2010 had bachelor’s degrees versus 1 percent in 1970. Among retail sales clerks, 25 percent had a bachelor’s degree in 2010. Less than 5 percent did in 1970.
“There are going to be an awful lot of disappointed people because a lot of them are going to end up as janitors,” Vedder says. In 2010, 5 percent of janitors, 115,520 workers, had bachelor’s degrees, data show.
Matt Moberg, who provides training for the Cleaning Management Institute in Latham, N.Y., says the percentage of degree-holding janitors was probably smaller before the recession, but adds that those with four-year degrees likely are business owners or workers in online degree programs.
Vedder’s findings are at odds with a report released last week by a pro-business public policy organization that seeks to boost financial aid for low-income students.
“Right now you can look around the world and you can see a lot of high-tech, high-value, high-productivity jobs that we are not doing in this country, in part because our country does not have the requisite skills,” says Joe Minarik of the Washington-based Committee for Economic Development.
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Study: Near Half Overqualified for Jobs
Certainly seems to put a damper on what we're always told, "go to college even if it means sinking yourself in debt, it will pay off".
The last paragraph is especially important for anyone getting ready to go to college. Despite STEM (Science, Technology, Engineering and Mathematics) jobs being in demand, the most popular college majors are still fields like Psychology and English, where there is high competition and low job demand.
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Member Since: 9/4/2011
Posts: 5,428
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Welp. Let's just hope that the trend decreases or slows down in the next coming years.. 
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Member Since: 3/27/2009
Posts: 30,284
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I'm going to be in a debt for a good while. I have a job however it's neither related to my degree nor does it pay what I was hoping I would getting paid with a bachelor's degree starting out so while college wasn't a waste, I'm not the happiest camper.
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Banned
Member Since: 4/18/2012
Posts: 7,097
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Quote:
Originally posted by Hooligan
I'm going to be in a debt for a good while. I have a job however it's neither related to my degree nor does it pay what I was hoping I would getting paid with a bachelor's degree starting out so while college wasn't a waste, I'm not the happiest camper.
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atleast you have a degree...I've been out of hs for 4 years and still ain't got **** to my name but 12 credits and 10k in debt....
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Member Since: 11/22/2009
Posts: 11,092
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The school system is not like it used to be. It's time for a new system. schools are pointless now.
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Member Since: 8/29/2012
Posts: 22,883
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Colleges are a business now. It's no longer gonna be about what you study but what you have to study to earn a good wage. Liberal arts majors are not gonna cut it. Then again I still think America has an incorrect philosophy about colleges.
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Member Since: 4/15/2011
Posts: 1,692
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It makes sense.
I mean, society tells everyone to do good and in school and go to college and it'll pay off.
But in reality society cannot support that many people having degrees. There will be many more people who go through years of college and end up working jobs that don't befit the effort they put in.
Not everyone is meant to go to college.
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Member Since: 8/13/2012
Posts: 32,832
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the same thing has happened in Europe since about 10 years ago... it is so sad... it looks like companies don't value education anymore, all that counts are connections...I am highly educated and can't find a good job 
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Banned
Member Since: 4/18/2012
Posts: 7,097
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if you want to succeed in life network like hell....It's all about who you know that's really the only important thing....
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Member Since: 8/13/2012
Posts: 32,832
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Quote:
Originally posted by shanners
if you want to succeed in life network like hell....It's all about who you know that's really the only important thing.... |
it's so sad though... why put the enphasis on education when it's not worthy anymore?
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Member Since: 6/18/2012
Posts: 18,768
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this worries me 
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Member Since: 8/13/2012
Posts: 32,832
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also networking... I know lots of people in high places but I am not the type to kiss ass... so they turned their back on me
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Member Since: 3/17/2012
Posts: 10,399
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**** like this makes me grateful I have a job that pays more than 50% of my college attending peers (assuming they get employed) and like 90% of jobs you can get without a college degree. 
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Banned
Member Since: 4/18/2012
Posts: 7,097
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Quote:
Originally posted by MaRy
it's so sad though... why put the enphasis on education when it's not worthy anymore? |
Because money......Some say that you could take the money you'd invest in a degree and have a better chance starting that successful bussiness than graduating and getting a job in your area of study that pays 30k+.....
Honestly I have considered making a youtube channel because al you need is a tripod, hd camera, lighting & cute content.........that's it!
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Member Since: 11/22/2009
Posts: 11,092
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Quote:
Originally posted by shanners
if you want to succeed in life network like hell....It's all about who you know that's really the only important thing.... |
THIS.
Except I'm too lazy.
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Member Since: 8/13/2012
Posts: 32,832
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Quote:
Originally posted by shanners
Because money......Some say that you could take the money you'd invest in a degree and have a better chance starting that successful bussiness than graduating and getting a job in your area of study that pays 30k+.....
Honestly I have considered making a youtube channel because al you need is a tripod, hd camera, lighting & cute content.........that's it!
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that's true... i did graduate school though, where i was paid... still, it looks like it was pointless
arts degrees now are really a big risk... i loved literature by my techer convinced me to do science...
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Member Since: 9/4/2011
Posts: 5,428
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Quote:
Originally posted by MaRy
also networking... I know lots of people in high places but I am not the type to kiss ass... so they turned their back on me |
Maybe you can hook me up, I can do that if you're not willing to.. 
On a serious note though: How does one start networking and knowing whose who in those high places..
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Banned
Member Since: 4/18/2012
Posts: 7,097
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Not me giving yall life/career advice for free 
If you want more heart to hearts my rate starts at $5 a PM...
Payment plans are available & EBT is accept*.
*may not be used on hot foods
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Member Since: 8/13/2012
Posts: 32,832
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Quote:
Originally posted by shanners
Not me giving yall life/career advice for free
If you want more heart to hearts my rate starts at $5 a PM...
Payment plans are available & EBT is accept*.
*may not be used on hot foods
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you're so expensive
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Member Since: 6/16/2006
Posts: 6,439
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engineering degrees are the best way to go
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