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The true picture of economic recovery in the US

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Wd40
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The true picture of economic recovery in the US

Postby Wd40 » Thu, 06 Mar 2014 11:35 pm

Just read this very depressing article about the underemployment in US

http://www.bloomberg.com/news/2014-03-0 ... cated.html

This is quite shocking!

The share of Americans ages 22 to 27 with at least a bachelor’s degree in jobs that don’t require that level of education was 44 percent in 2012, up from 34 percent in 2001, the study found.


I believe this is the story in Europe as well and may be in many other places. I dread, our kids are not going to have it as easy as we did.

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Re: The true picture of economic recovery in the US

Postby zzm9980 » Fri, 07 Mar 2014 8:06 am

Wd40 wrote:Just read this very depressing article about the underemployment in US

http://www.bloomberg.com/news/2014-03-0 ... cated.html

This is quite shocking!

The share of Americans ages 22 to 27 with at least a bachelor’s degree in jobs that don’t require that level of education was 44 percent in 2012, up from 34 percent in 2001, the study found.


I believe this is the story in Europe as well and may be in many other places. I dread, our kids are not going to have it as easy as we did.


Well, I believe there is severe "degree inflation" and that number sounds fair. Many jobs really *don't* need bachelors degrees.

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Re: The true picture of economic recovery in the US

Postby Tanuki » Fri, 07 Mar 2014 8:26 am

zzm9980 wrote:Well, I believe there is severe "degree inflation" and that number sounds fair. Many jobs really *don't* need bachelors degrees.

My oldest daughter got her associates (2 year) degree and was dismayed that it didn't open any doors. She's been making around 40K as a server in Din Tai Fung in the states, which reinforces her position that degrees are becoming useless. Quite a few of the folks there have bachelors and even masters degrees. What I have noticed (no science involved here) is that many people get degrees in areas that don't have career potential directly. Most liberal arts grads don't generate a lot of corporate interest anymore, for example. My middle daughter is studying biomedical sciences, and I sure as hell hope that gets her a decent start somewhere... :???:

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Re: The true picture of economic recovery in the US

Postby the lynx » Fri, 07 Mar 2014 8:51 am

Wd40 wrote:Just read this very depressing article about the underemployment in US

http://www.bloomberg.com/news/2014-03-0 ... cated.html

This is quite shocking!

The share of Americans ages 22 to 27 with at least a bachelor’s degree in jobs that don’t require that level of education was 44 percent in 2012, up from 34 percent in 2001, the study found.


I believe this is the story in Europe as well and may be in many other places. I dread, our kids are not going to have it as easy as we did.


Just wait, MBAs will be the next diluted academical qualification.

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Re: The true picture of economic recovery in the US

Postby PNGMK » Fri, 07 Mar 2014 9:58 am

the lynx wrote:
Wd40 wrote:Just read this very depressing article about the underemployment in US

http://www.bloomberg.com/news/2014-03-0 ... cated.html

This is quite shocking!

The share of Americans ages 22 to 27 with at least a bachelor’s degree in jobs that don’t require that level of education was 44 percent in 2012, up from 34 percent in 2001, the study found.


I believe this is the story in Europe as well and may be in many other places. I dread, our kids are not going to have it as easy as we did.


Just wait, MBAs will be the next diluted academical qualification.


They already are.

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Re: The true picture of economic recovery in the US

Postby Beeroclock » Fri, 07 Mar 2014 10:03 am

zzm9980 wrote:Well, I believe there is severe "degree inflation" and that number sounds fair. Many jobs really *don't* need bachelors degrees.

True... but imagine how much worse the unemployment / underemployment stats will be if all those late teenagers suddenly decide not to spend 3-4 years collecting an "unnecessary" degree :???:

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Re: The true picture of economic recovery in the US

Postby zzm9980 » Fri, 07 Mar 2014 10:24 am

PNGMK wrote:
the lynx wrote:
Wd40 wrote:Just read this very depressing article about the underemployment in US

http://www.bloomberg.com/news/2014-03-0 ... cated.html

This is quite shocking!

The share of Americans ages 22 to 27 with at least a bachelor’s degree in jobs that don’t require that level of education was 44 percent in 2012, up from 34 percent in 2001, the study found.


I believe this is the story in Europe as well and may be in many other places. I dread, our kids are not going to have it as easy as we did.


Just wait, MBAs will be the next diluted academical qualification.


They already are.


+1

I had already quoted her post and was typing that, then scrolled to see this before hitting submit.

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Re: The true picture of economic recovery in the US

Postby zzm9980 » Fri, 07 Mar 2014 10:25 am

Beeroclock wrote:
zzm9980 wrote:Well, I believe there is severe "degree inflation" and that number sounds fair. Many jobs really *don't* need bachelors degrees.

True... but imagine how much worse the unemployment / underemployment stats will be if all those late teenagers suddenly decide not to spend 3-4 years collecting an "unnecessary" degree :???:


My guess is most of them would have the same jobs, they just wouldn't be called "underemployed". :D

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Re: The true picture of economic recovery in the US

Postby Barnsley » Fri, 07 Mar 2014 10:25 am

Beeroclock wrote:
zzm9980 wrote:Well, I believe there is severe "degree inflation" and that number sounds fair. Many jobs really *don't* need bachelors degrees.

True... but imagine how much worse the unemployment / underemployment stats will be if all those late teenagers suddenly decide not to spend 3-4 years collecting an "unnecessary" degree :???:


The Labour party pledge to put 50% of all school leavers into University Education was the beginning of the end for the value of a degree in the UK.
It also spelt the end of the GCSE (O levels & A levels) as any kind of worthy qualification.

A degree is now a useful base now to help in the recruiting process, anyone below a degree in the bin ....

Its a pity but such is life and it was always going to be this way.
Life is short, paddle harder!!

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Re: The true picture of economic recovery in the US

Postby Beeroclock » Fri, 07 Mar 2014 10:53 am

zzm9980 wrote:
Beeroclock wrote:
zzm9980 wrote:Well, I believe there is severe "degree inflation" and that number sounds fair. Many jobs really *don't* need bachelors degrees.

True... but imagine how much worse the unemployment / underemployment stats will be if all those late teenagers suddenly decide not to spend 3-4 years collecting an "unnecessary" degree :???:


My guess is most of them would have the same jobs, they just wouldn't be called "underemployed". :D
I guess so in the fullness of time, but in the short-term there will be a huge queue of people added to the job seeker queue. This is very cynical of me, but I suspect it's a tactic of many Govt's to promote more into universities to give a short-term boost to employment stats by putting a large chunk of school leavers each year into this 3-4 year incubation period where they can't damage the KPI...

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Postby Dert42 » Mon, 10 Mar 2014 10:17 am

I don't have a degree and I'm doing quite well. I find degrees for the most part are not necessary, a waste of time and money.
Obviously some industries do need them, like teaching, medicine, maybe accounting. I think most don't need it though.

I'm aiming to give my kids a shot at college, but I suppose it's up to them. It certainly won't be required.

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Postby Primrose Hill » Mon, 10 Mar 2014 11:49 am

Isn't it dependent what they majored or read? The profession that they want to work in?
These days internships during the degree is really important

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Postby Wd40 » Mon, 10 Mar 2014 12:00 pm

Dert42 wrote:I don't have a degree and I'm doing quite well. I find degrees for the most part are not necessary, a waste of time and money.
Obviously some industries do need them, like teaching, medicine, maybe accounting. I think most don't need it though.

I'm aiming to give my kids a shot at college, but I suppose it's up to them. It certainly won't be required.


When did you start your career? If you are 42 years old like your nick suggests, then that may not be true anymore.

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Postby zzm9980 » Mon, 10 Mar 2014 12:40 pm

Wd40 wrote:
Dert42 wrote:I don't have a degree and I'm doing quite well. I find degrees for the most part are not necessary, a waste of time and money.
Obviously some industries do need them, like teaching, medicine, maybe accounting. I think most don't need it though.

I'm aiming to give my kids a shot at college, but I suppose it's up to them. It certainly won't be required.


When did you start your career? If you are 42 years old like your nick suggests, then that may not be true anymore.


I'm younger than you and also lack a degree. My career is not suffering.

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Postby Wd40 » Mon, 10 Mar 2014 12:43 pm

zzm9980 wrote:
Wd40 wrote:
Dert42 wrote:I don't have a degree and I'm doing quite well. I find degrees for the most part are not necessary, a waste of time and money.
Obviously some industries do need them, like teaching, medicine, maybe accounting. I think most don't need it though.

I'm aiming to give my kids a shot at college, but I suppose it's up to them. It certainly won't be required.


When did you start your career? If you are 42 years old like your nick suggests, then that may not be true anymore.


I'm younger than you and also lack a degree. My career is not suffering.


It could still be upto timing and industry? When did you start your career? Pre - 2001 and in IT? I started my career in 2002 and thats after spending 4-5 years in Engineering. You could well be 4 years younger than me and yet hit the industry at the right time, thats why I am asking. I know lots of people from India who did 6 months course in Java and their degrees used to be in like Hotel Management and they went to the US and made it big, pre 2001, that is.

The article talks about now, like 2014. I know, for performing an IT role you dont need a degree, but when an employer is hiring a fresher and they get a sea of resumes from graduates, wouldn't they use the degree as the 1st filter criteria? Thats pretty much what the article says.


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