Report Says College Degrees Granted Far Outnumber Available Jobs, Some Working as Janitors, Cab Drivers
The job market appears to be worse than many originally thought. A new study is saying that half of all college graduates are now working jobs that are beneath their qualifications. The study was released by the non-profit Center for College Affordability and Productivity. Even worse, the group says that the trend shows few signs of ever slowing down, at least not in the near future.
“It is almost the new normal,” says lead author Richard Vedder, the founder of the center.
The number of Americans with college degrees has increased by 25% over the last 10 years, according to the Census Bureau. Even more, the numbers of Americans with masters and doctoral degrees grew by 45% and 43%, respectively. This has created an increasingly competitive marketplace, making it difficult to find jobs that will pay at the levels previously expected.
Vedder says that one of the challenges is that the number of people with college degrees (41.7 million) exceeds the number of available jobs for college graduates (28.6 million). In fact, he says that 15% of cab drivers have a college degree vs. just 1% in 1970. Over 25% of all retail clerks have college degrees as well.
“There are going to be an awful lot of disappointed people because a lot of them are going to end up as janitors,” Vedder says.
Our advice? You may want to start your own business, since the divide between the rich and the poor comes down to workers having fewer rights than they did in the past. Also, make your money from various sources, not just one. So, a person who drives a cab and owns real estate can do better than the person with the masters degree and a corporate job