'Presumably this means that when we come out of the gravitational pull of the recession your wages will improve. But there’s a longer-term trend that should concern you.
The decline in the earnings of college grads really began more than a decade ago. Young college grads with jobs are earnings 5.4 percent less than they did in the year 2000, adjusted for inflation.
Don’t get me wrong. A four-year college degree is still valuable. Over your lifetimes, you’ll earn about 70 percent more than people who don’t have the pieces of parchment you’re picking up today.
But this parchment isn’t as valuable as it once was. So much of what was once considered “knowledge work” – the kind that college graduates specialize in – can now be done more cheaply by software. Or by workers with college degrees in India or East Asia, linked up by Internet.'
I disagree with Robert Reich. 70 percent more earnings with a degree? That cannot be right. Factor in the cost of a degree $50,000 - $200,000, the lost earnings during those years, the lost opportunity to get a start in a real occupation, trade, profession instead of slogging it out as a menial worker with a BA, B Econ or MBA etc, and you will start to see that many of these kids will spend the 10 most productive - and profitable - years of their lives lost in nowhereland.
I would say they would be flat out breaking even with someone who learned a trade or entered a real profession, including the military.
Re: ROBERT REICH TELLS 2012 COLLEGE GRADUATES - YOU ARE FUCKED!!!
You want the path to career success for the recent college graduate? Here’s a little-known secret: It has almost nothing to do with your major.
Plenty of employers will hire you fresh out of college, but rarely based on what you know. Unless you majored in nursing, accounting, certain engineering disciplines, or certain natural sciences such as biology or chemistry, nobody cares what you know. (Graduate & professional degrees are a different story.)
That isn’t to say that other undergrad majors (e.g., art history, philosophy, Latin, & English Lit) are useless. Major in whatever interests you. Work hard and compile a shiny, polished academic resume, but harbor no illusions that it will ensure that first, big-ticket job offer. However if you have an MBA or business major , I agree with Reich - you are fucked.
While you’re in college, learn how to: (1) Think critically and communicate effectively; (2) Do serious research (i.e. Google and Wikipedia do not count); (3) Write something that somebody else might actually want to read; and (4) Speak in front of a group. You can get these skills in a variety of majors. If you graduate without at least two of them, you have wasted your time. (If none sound interesting or fun, what in the world are you doing in college? Quit now!)
Then, after graduation, go get whatever job you can find. Show up on time every day, and don’t steal from your employer.
There’s the ticket to career success. I won’t lament the fact that nobody advised me similarly when I was 19. Chances are they did, and I just wasn’t paying attention.