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Obama and Congress won with huge support from the youth group and has done nothing for us specifically. He has bailed out some with extended federal unemployment benefits, and like Bush the corporate fatcats, but what has he done for you in the time he has been in office? How has the stimulus package helped you?
I have plenty of complaints about the Obama administration. However, one positive thing the administration has done for youth was the Edward M. Kennedy National Service Act. This will add openings to AmeriCorps and increase the education bonus to match the Pell grant. Speaking of which, the House just passed a bill that will increase the Pell grant. In fact I'm currently in the process of applying for an internship through a state AmeriCorps affiliate.
So it's ok for your "executive" friend to turn down those opportunities because they weren't a "good fit" but it's not ok for kids to wait for the right thing to come along within their field?
I'm just playing devil's advocate here. I've always taken opportunities that came along (however, i do really think it screwed me because I DID take the first things that came along rather than waiting out for something IN MY FIELD. I won't make that mistake again after getting my masters.)
Exactly.
Interesting WSJ article:
Quote:
The worse news: Even those who land jobs will likely suffer lower wages for a decade or more compared to those lucky enough to graduate in better times, studies show.
So now, instead of learning about policymaking and legislation, he's earning about $1,250 a month as a high-school tutor and a part-time fundraiser for Hillel, a Jewish campus organization. To save money, he's living with his parents.
If asked a year ago whether he'd be tutoring now, Mr. Friedson says, "I would have laughed in your face."
Trading down to a lower-skilled job isn't just a hit to Mr. Friedson's ego. It could also hurt his bank account for years to come. Economic research shows that the consequences of graduating in a downturn are long-lasting. They include lower earnings, a slower climb up the occupational ladder and a widening gap between the least- and most-successful grads.
In short, luck matters. The damage can linger up to 15 years, says Lisa Kahn, a Yale School of Management economist. She used the National Longitudinal Survey of Youth, a government data base, to track wages of white men who graduated before, during and after the deep 1980s recession.
Ms. Kahn found that for each percentage-point increase in the unemployment rate, those with the misfortune to graduate during the recession earned 7% to 8% less in their first year out than comparable workers who graduated in better times. The effect persisted over many years, with recession-era grads earning 4% to 5% less by their 12th year out of college, and 2% less by their 18th year out.
For example, a man who graduated in December 1982 when unemployment was at 10.8% made, on average, 23% less his first year out of college and 6.6% less 18 years out than one who graduated in May 1981 when the unemployment rate was 7.5%. For a typical worker, that would mean earning $100,000 less over the 18-year period.
The impact on wages could be just as severe this time around, says Ms. Kahn. That's because of the depth of this recession and the possibility that the unemployment rate may approach the 10.8% level not seen since the early 1980s. The rate hit 8.9% in April, the Labor Department reported Friday.
One reason behind declining wage potential, economists say: The caliber of jobs available in a recession, and their accompanying wages, tend to suffer. High-end firms hire fewer people and drive down salaries because jobs are in such demand.
That means many graduates end up with lower-wage, lower-skill jobs at less-prestigious firms or in firms outside their field of interest. Once the economy picks up and they try for better jobs, these workers have to learn skills they should have been developing immediately out of college. In the meantime, colleagues who graduated in a better economy have already developed these skills and progressed much further.
Still, Ms. Veilleux probably will be better off than those who take low-wage jobs outside their fields, says Till Marco von Wachter, a Columbia University economist. Mr. von Wachter, with a couple of colleagues, has looked at wage data covering 70% of all Canadians who graduated from college between 1976 and 1995, a span encompassing two recessions. His work indicates that graduates who get jobs in their fields -- even low-paying jobs -- are able to learn the right skills, and thus have an edge when the economy rebounds.
Mr. von Wachter also found that what recession-era graduates studied, and where they went to school, made a big difference in how quickly they caught up to workers who graduated in boom times. People who majored in fields that lead to high-paying jobs, such as chemistry, biology, physics and engineering, tended to catch up to other graduates more quickly, primarily by switching jobs during the economic recovery and landing at better firms. In contrast, says Mr. von Wachter, the wages of humanities majors at less prestigious schools were less likely to catch up to the wages of their peers who graduated in healthier times.
It's interesting how the older people on here have an idea of what all recent graduates/students are like. It's tough to get a job period-I'm a senior with a business major, decent GPA, very good Excel skills, with a really good internship overseas and am entering the full-fledged recruitment period. It's difficult for me to get a job-the generic person described by some on this board with a sense of entitlement and texting as their only skill...I can't imagine how they could get a white collar job in this economy.
My best hope for professional employment is through my school's career center which puts on events such as employer information sessions and career fairs. I'll admit, I do have a certain minimum salary requirement but it is not as high as 40k. I've waited tables through college so if I graduate without a job lined up I'll do that to make rent at night and look for "real" work during the day.
Actually, my back up plan is to teach English for a year in a foreign country. Depending on the country I could actually save a decent amount. What do some of you more experienced posters think of this?
It's not related to the work I want to go into (financial services/banking) but surely it would be viewed as better than sitting around twiddling my thumbs or waiting tables for a year right?
50 percent unemployment among the youth? This could be a HUGE problem in terms of the political stability of this country. Although anarchists tend to be small in number, it disturbed me how violent they were at the recent G20 summit in PA. I witnessed a similar protest in DC years ago and the anarchists may have been intimidating looking but they were harmless. Intentionally pushing dumpsters down a hill so they would smack into police cruisers and people? Not good. These are kids -- angry kids -- angrier than ever. I'm not saying all kids are anarchists, but they are the canary in the coal mine. Watch out, 50 percent unemployment among the youth is bad news.
50 percent unemployment among the youth? This could be a HUGE problem in terms of the political stability of this country. Although anarchists tend to be small in number, it disturbed me how violent they were at the recent G20 summit in PA. I witnessed a similar protest in DC years ago and the anarchists may have been intimidating looking but they were harmless. Intentionally pushing dumpsters down a hill so they would smack into police cruisers and people? Not good. These are kids -- angry kids -- angrier than ever. I'm not saying all kids are anarchists, but they are the canary in the coal mine. Watch out, 50 percent unemployment among the youth is bad news.
This is always a problem during economic hardship. For what it's worth, there has been a spike in youth crime and violence in Seattle, as well as Portland from what I hear.
To decaf dave: recent and current graduates have all of the sympathy I can give them. The younger people I have a beef with are the corporate juniors who think I'm over the hill at the ripe old age of 53! (LOL). Some day they'll be older and probably complaining about the same issues. Hey, you have to laugh a little bit. Anyway, that's another thread for another day. It sounds like you have some good, solid plans. Utilize the career center and your professors, especially while you are still on campus. They are, IMHO, the best resources you have going right now. I'm still thinking about the teaching overseas issue. It's a good backup and the timing, while you are young without obligations, is perfect. The immediate concern I have is how it will affect you when the year is over. Other posters will know the banking opportunities available for this particular individual better than I. My concern, career wise, is that the teaching is out of your preferred field. I'm just curious about the reasons you are considering it. If this is an area that is starting to appeal to you, give it a try. You might like it. If the financial arena is your first love, start exploring possibilities and applying now. Keep us posted and good luck. I'll also be interested to hear the thoughts from other posters.
50 percent unemployment among the youth? This could be a HUGE problem in terms of the political stability of this country. Although anarchists tend to be small in number, it disturbed me how violent they were at the recent G20 summit in PA. I witnessed a similar protest in DC years ago and the anarchists may have been intimidating looking but they were harmless. Intentionally pushing dumpsters down a hill so they would smack into police cruisers and people? Not good. These are kids -- angry kids -- angrier than ever. I'm not saying all kids are anarchists, but they are the canary in the coal mine. Watch out, 50 percent unemployment among the youth is bad news.
This is a good point. A lot of people wonder why so many immigrant youths riot in Europe. It's much more to do with not having jobs than it has to do with Muslim extremism. Obviously the situation is different in this country but the point is it can be very destabilizing to the entire society if young people don't have anything to do.
To decaf dave: recent and current graduates have all of the sympathy I can give them. The younger people I have a beef with are the corporate juniors who think I'm over the hill at the ripe old age of 53! (LOL). Some day they'll be older and probably complaining about the same issues. Hey, you have to laugh a little bit. Anyway, that's another thread for another day. It sounds like you have some good, solid plans. Utilize the career center and your professors, especially while you are still on campus. They are, IMHO, the best resources you have going right now. I'm still thinking about the teaching overseas issue. It's a good backup and the timing, while you are young without obligations, is perfect. The immediate concern I have is how it will affect you when the year is over. Other posters will know the banking opportunities available for this particular individual better than I. My concern, career wise, is that the teaching is out of your preferred field. I'm just curious about the reasons you are considering it. If this is an area that is starting to appeal to you, give it a try. You might like it. If the financial arena is your first love, start exploring possibilities and applying now. Keep us posted and good luck. I'll also be interested to hear the thoughts from other posters.
Thanks for the insight! I definitely don't have any sort of draw to teaching-but I love to travel and teaching English is a common way to earn some money abroad. My concern-as you said-is what will happen when the year is up. I would be more disconnected from my university and my network so unless the economy has really picked up it may be even more difficult to get a job. Anyways, it's nice to have a fun back-up plan but hopefully I can get hired by a good firm!
On a side note I did not vote for the chosen one but many in my age group did. I hope they learned their lesson.
People 16-24 don't have a lot of political influence as a whole and definitely not as individuals. You don't see any lobbyists for 16-24 year old groups going to congress asking the whitehouse asking for bailouts like you did with banks.
Besides the unployment of people 16-24 isn't going to cause the economy to collapse or deal a huge blow to it.
Do you really think McCain would really do anything different in regards to helping the young unemployed workers?
So it's ok for your "executive" friend to turn down those opportunities because they weren't a "good fit" but it's not ok for kids to wait for the right thing to come along within their field?
Yes, it is. The guy looking for the executive job had plenty of cash to support himself as well as health insurance. Also there's a big difference between accepting a bad fit executive position and taking an unskilled labor job until something better comes along when you don't have a long resume of work experience to begin with.
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