Diploma Depression
Randy Jones | April 21, 2009
It’s almost graduation time, and you can feel the anxiety in the air. Very soon, 1.5 million college graduates will be flooding into the worst job market in 25 years, with unemployment at 8.5 percent and rising. According to Nouriel Roubini (also known as “Dr. Doom”), the New York University economist who accurately predicted the current economic meltdown, we can expect the unemployment rate to go into the double digits before we begin to feel the effects of a recovery. To make matters worse, the class of 2009 is competing with 1.8 million degree holders who are already on the street looking for the same jobs. The supply and demand curve is simply not in their favor. Understandably, the fear among this year’s graduates is palpable—but it’s nothing compared to that of their parents.
