Nouriel Roubini does the math:
[T]he "official" unemployment rate is 9.1 percent -- but the one that includes discouraged workers who have left the labor force or partially unemployment has gone from 16.2 percent to 16.5 percent. And if you add to it the millions of people that you have in jail in the U.S. -- which is four times the amount of any civilized country as a share of population -- than unemployment is probably closer to 20 percent. And that's just among the average population. For minorities, the youth, or unskilled people that don't have a high school degree, the number is closer to 30 percent.
(Photo by Flickr user Blu Laces)
Robert Frank details it:
The three decades after [WWII] saw incomes grow at an almost uniform 3 percent annual rate for families up and down the income ladder. Since the early 1970s, however, virtually all income gains have accrued to those whose incomes were highest to begin with. It’s a striking fractal pattern. Most of the gains have gone to the top 20 percent of earners, but the lion’s share of the gains within that group have gone to the top 5 percent. And within the top 5 percent, most of the gains have gone to the top 1 percent, and so on.
He follows up with a proposal for a progressive consumption tax.
(Video: A global view from a new OECD report, "Divided We Stand".)
They tell you that it's an investment! These days you have to ask yourself if it's really worth it. postedabout 2 hours ago
Fifty-percent or more of college graduates in 42 states have debt of AT LEAST $25,250.
Tuition and fees at public four-year colleges and universities increased at an average rate of 5.6% per year beyond the rate of general inflation over the last decade.
Combined student debt is closing in on $1 trillion, surpassing credit card and auto debt, and is only going to get worse.
“Student debt poses a large and growing threat to the stability of our economy ... Just as the housing crisis has trapped millions of borrowers in mortgages that are underwater, student debt could very well prevent millions of Americans from fully participating in the economy or ever achieving financial security.” - Illinois Attorney General Lisa Madigan testifing March 20 before a U.S. Senate judiciary subcommittee hearing in Washington DC.
53.6%, about 1.5 million, of bachelor's degree-holders under the age of 25 were jobless or underemployed as of last year, the highest share in at least 11 years.
According to government projections released last month, only three of the 30 occupations with the largest projected number of job openings by 2020 will require a bachelor's degree or higher to fill the position:
Most job openings are in professions such as retail sales, fast food and truck driving, jobs which aren't easily replaced by computers.
You'll probably have to move south.
Anchored by Texas, the southern U.S. was most likely to have young college graduates in higher-skill jobs.
You'll probably be paying off your student loan debt well into your 80s.
The Washington Post reports: Americans 60 and older still owe about $36 billion in student loans. More than 10 percent of those loans are delinquent. As a result, consumer advocates say, it is not uncommon for Social Security checks to be garnished or for debt collectors to harass borrowers in their 80s over student loans that are decades old.