Who Are These Clowns? [Sobek] | Main | Boys Engaged in School: A Rarity? (AnalogKid)
August 31, 2006

College Degrees: A Commodity? -- Michael

It used to be a big deal to graduate from college. With your degree in hand, you had a ticket to the upper middle class lifestyle.

But these days, so many people are graduating from college that the diploma means less and does not have the same economic clout.

By Michael Mandel Wed Aug 30, 3:08 AM ET

Young college grads are taking it on the chin. That's what the new data from the government show -- and it's not a pretty sight.

On Tuesday, Aug. 29, the statisticians at the Census Bureau released the latest numbers on income and poverty, for 2005.

. . .

Perhaps the most distressing figure was one buried deep inside the detailed tables. It turns out that the median earnings of young college grads, adjusted for inflation, fell by an astonishing 3.3% in 2005. That's on top of similar declines in 2004 and 2003. All told, the earnings of young college grads are down by almost 8% since 2002. [For a related chart, see BusinessWeek.com, 8/29/06, "Young College Grads in Free Fall."]

By young college grads, we mean full-time workers between the ages of 25 and 34, with a B.A. but no advanced degree. These are people who first entered the workforce during the past 10 to 12 years, some during the boom, some during the early years of the bust. What they've experienced over the past several years is an unrelenting downdraft in wages, probably the first sustained decline for college grads since the 1970s.

Back in the day, you got out of college, worked a few years to get established, and then you bought your starter home and had kids.

Not any more.

What's more, many of them have also been stuck on the wrong side of the housing boom. Just coming out of college, they didn't have the savings or the income to buy a house. And with home prices rising faster than their incomes, it's been very hard for them to catch up.

Pocket of Pain for Young Graduates


digg this
posted by Ace at 12:03 AM

| Access Comments




Recent Comments
Guy Mohawk: "I'll accuse Hillary Clinton for half the amount. ..."

Meremortal, no proseccutions, no peace!: ""And once again, this proves Mike Pence is THE sma ..."

ThePrimordialOrderedPair: "[i]Well, we're talking 'Bound' so whenever that wa ..."

Corset Makers Local 642: "Its not like the guy swaggered in and yanked his s ..."

Benji Carver : ""OK Horde: Jennifer Tilly or Gina Gershon? Po ..."

Patrick From Ohio: "Jennifer Tilly or Gina Gershon?Didn't they make a ..."

Publius Redux: "223 How is what Lisa Bloom does any different tha ..."

TheQuietMan: " Hey, back off! I'm a "women's rights" lawyer!! ..."

PMRich: "Dragging the shark It used to be 'common knowle ..."

chavez the hugo: "279: probably a test tube baby. charlie manson was ..."

Gender Indifferent Dogs: ">>Those poor dogs. Meh - It all tastes like p ..."

JackStraw: ">>Absolutely. And we noted that in these threads m ..."

Recent Entries
Search


MuNuvians
Polls! Polls! Polls!
Frequently Asked Questions
The (Almost) Complete Paul Anka Integrity Kick
Top Top Tens
Greatest Hitjobs

The Ace of Spades HQ Sex-for-Money Skankathon
A D&D Guide to the Democratic Candidates
Margaret Cho: Just Not Funny
More Margaret Cho Abuse
Margaret Cho: Still Not Funny
Iraqi Prisoner Claims He Was Raped... By Woman
Wonkette Announces "Morning Zoo" Format
John Kerry's "Plan" Causes Surrender of Moqtada al-Sadr's Militia
World Muslim Leaders Apologize for Nick Berg's Beheading
Michael Moore Goes on Lunchtime Manhattan Death-Spree
Milestone: Oliver Willis Posts 400th "Fake News Article" Referencing Britney Spears
Liberal Economists Rue a "New Decade of Greed"
Artificial Insouciance: Maureen Dowd's Word Processor Revolts Against Her Numbing Imbecility
Intelligence Officials Eye Blogs for Tips
They Done Found Us Out, Cletus: Intrepid Internet Detective Figures Out Our Master Plan
Shock: Josh Marshall Almost Mentions Sarin Discovery in Iraq
Leather-Clad Biker Freaks Terrorize Australian Town
When Clinton Was President, Torture Was Cool
What Wonkette Means When She Explains What Tina Brown Means
Wonkette's Stand-Up Act
Wankette HQ Gay-Rumors Du Jour
Here's What's Bugging Me: Goose and Slider
My Own Micah Wright Style Confession of Dishonesty
Outraged "Conservatives" React to the FMA
An On-Line Impression of Dennis Miller Having Sex with a Kodiak Bear
The Story the Rightwing Media Refuses to Report!
Our Lunch with David "Glengarry Glen Ross" Mamet
The House of Love: Paul Krugman
A Michael Moore Mystery (TM)
The Dowd-O-Matic!
Liberal Consistency and Other Myths
Kepler's Laws of Liberal Media Bias
John Kerry-- The Splunge! Candidate
"Divisive" Politics & "Attacks on Patriotism" (very long)
The Donkey ("The Raven" parody)
News/Chat
Archives
Powered by
Movable Type 2.64