May is graduation month for most colleges, and for all you successful scholars and your happy parents, congratulations.
But trouble lies ahead. The Economic Policy Institute has just released a report that details the exceptionally difficult time graduates face in the weak American job market.
According to the study, “young college graduates face an unemployment rate of 8.5%, compared with 5.5% in 2007, and an underemployment rate of 16.8%, compared with 9.6% in 2007.” As bad as those statistics are, the actual situation is far worse. They don’t include a shocking number of our youth who are “missing” from the job market altogether, young people who have simply given up looking for work. If these folks were included, the unemployment rate of would-be workers under 25 would reveal the devastating rate of 18.1%.
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The figures in this report and others like it are symptomatic of a significant wrong turn in the American economy and the focus of the federal government. Particularly over the past five years, tax dollars have been used to increase programs such as food stamps, instead of creating conditions for business expansion and job growth. Key federal endeavors that could have created employment opportunities for both private sector jobs and government employment as well have been passed over in favor of spending on pure entitlement programs.
Many analysts continue to wonder how, in a nation with an aging infrastructure and other dire needs, the President failed to find shovel-ready jobs. The $700 billion stimulus program funds had no affect other than to add to the federal deficit without creating any new economic opportunities.