I have more bad news that probably won't surprise most BIDER readers but will at least shut up the shills who come here and try to tell us that college educated youth are doing a-okay at only 4 percent unemployment. I came across job data at the Center for Economic and Policy Research that shows African Americans and the college educated hit especially hard by job losses. Again, not surprising but here is the proof (emphasis mine):
African Americans were also hit especially hard. The EPOP for African Americans is back at its low point for the downturn and the EPOP for African American women hit a new low at 54.4 percent, 0.1 percentage points lower than the December ratio.Let me first say it amazes me that Washington does not seem to care enough to make drastic changes to stop the bleeding given that the current administration got into office riding on a huge wave of support from the young and minorities. The 22-year-old who voted in 2008 won't be the same voter in 2012 as a 26-year-old welfare recipient still unemployed four years after graduating from college with $100k loans. We are going to see that affect on the electorate in 2010 and 2012.
By education level, the less educated appear to be the big gainers, with a 1.8 percentage-point increase in the EPOP for those without a high school degree. Those with some college had a 0.8 percentage-point decline in their EPOP and those with college degrees had a 1.1 percentage-point drop to 72.7 percent, the lowest level of the downturn.
By age group, the big gainers continued to be the over-55 cohort, which added 54,000 jobs in July, bringing the 3-month gain to 182,000. Older women accounted for 167,000 of this rise in employment. By contrast, employment for women between the ages of 35-44 fell by 253,000 (1.8%) and for women between 45-54 by 186,000 (1.2%) since May.
There were substantial declines in all the measures of duration of unemployment. This likely reflects many long-term unemployed dropping out of the workforce after losing benefits. The percent of multiple jobholders dropped by 0.3 percentage points to the lowest on record. This presumably reflects difficulty in getting jobs.
This doesn't mean life is good for the old and the uneducated, far from it, but it does point to a lack of real jobs with good wages and benefits being created. What kind of jobs do you think older women and high school drop outs are getting in this economy? Likely retail and restaurant work and a few manufacturing jobs that the majority of our college educated readership are considered overqualified for.
No one other than the political elite and the CEOs are coming out winners in this depression, but at least the uneducated have a better chance at the few service sector and manufacturing jobs. When there are no jobs, you have educated people willing to take practically anything for extra money to stay afloat even if it means driving a taxi or working at the shopping mall or grocery store.
Unfortunately for the damned generation, being educated is a curse because not only do you have student loans, you will be passed over for the less educated candidate for most of the new jobs created. Nearly every job I hear about on the local news is in the manufacturing or service industry. What are the chances that a 20-something female with a college degree and JD such as myself will get one of these $10-20/hour jobs over the recently laid off man with 20 years of experience on the factory line? Slim to none. That means the person with the $15 hourly job is still doing better, however small, than the unemployed JD or PhD making nothing to pay the rent and buy groceries.
In the end it is all about just hustling to survive and the 18 to 29 educated crowd clearly isn't doing well in that area. For example, I am single and have a current net worth of zero while the neighbor who bypassed college to get a masseuse certificate just bought a new house with her husband and has no student debt. Remind me again why I worked my ass off to get into the best schools?