In Obama's economy, it's better to finish college
For how many generations have parents told their offspring that a college education would virtually guarantee economic success in life?
Well, not in Obama's economy. All part of his hopeless change.
Our perspicacious IBD colleague Jed Graham has been studying the latest labor force data. Here's his eye-opening finding:
"For the first time in history, the number of jobless workers age 25 and up who have attended some college now exceeds the ranks of those who settled for a high school diploma or less. Out of 9 million unemployed in April, 4.7 million had gone to college or graduated and 4.3 million had not." The entire Graham story is here.
So, in his grand transformation of American society into something radically different that Obama won't really define until safely after his reelection, there's much less point to continuing on into higher education, especially at those hilarious tuition prices. Unless you finish. That's the key.
Some of us paid less for our entire first house than a current year's tuition at universities that know they can jack the prices annually because Obama will increase the subsidies too. Sweet deal for the schools.
According to the findings, the best path to follow for employment now seems to be a two-year college degree; forget the high-priced, high-faluting universities. In April, the two-year college grad unemployment rate was 6.2% for those over 25. The high school diploma with zippo college was 7.7% in the same age group. And the unfinished college rate was 8%. (Quick, edit that degree out of your resume!)
The April traditional unemployment rate, which the media prefers to tout, was 8.1%, still above the rate promised by Obama and Joe "Recovery Summer" Biden, if only we borrowed $1 trillion to stimulate the economy.
Despite the historic spanking that voters gave House Democrats in 2010 for economic ineffectiveness and fussing with ObamaCare, this Chicago administration would like us to believe things are better because the rate isn't above 10% anymore.
That's a phony success, however. The rate has declined because the pool of potential workers has been drained by four million discouraged ones who simply stopped looking. That's something to believe in.
Additionally, if you count the under-employed, those working less than their desired full-time, the real unemployment rate is 14.5%.
No president in modern times -- not even community organizers -- have been reelected with more than a 7.2% rate. So, good luck with 14.5%.
If only the Republicans were nominating a successful business executive who'd created thousands of private sector jobs, really understood how capitalism functions and has some government experience. Oh, wait! They are.
Obama better keep changing the campaign subjects fast. |
