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All educated and nowhere to work

By John Published: March 21, 2011

Here's two columns from the New York Times, one by Nobel-Prize-winning economist and the other by a 24-year-old old recent grad lucky enough to get a job in this economy.

First the recent grad:

?The cost of youth unemployment is not only financial, but also emotional. Having a job is supposed to be the reward for hours of SAT prep, evenings spent on homework instead of with friends and countless all-nighters writing papers. The millions of young people who cannot get jobs or who take work that does not require a college education are in danger of losing their faith in the future. They are indefinitely postponing the life they wanted and prepared for; all that matters is finding rent money. Even if the job market becomes as robust as it was in 2007 something economists say could take more than a decade my generation will have lost years of career-building experience.

And now the economist:
?The fact is that since 1990 or so the U.S. job market has been characterized not by a general rise in the demand for skill, but by ''hollowing out'': both high-wage and low-wage employment have grown rapidly, but medium-wage jobs the kinds of jobs we count on to support a strong middle class have lagged behind. And the hole in the middle has been getting wider: many of the high-wage occupations that grew rapidly in the 1990s have seen much slower growth recently, even as growth in low-wage employment has accelerated.
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