US Graduates Face Bleak Job Outlook

Press TV

Finding a job has become difficult for many American college students and even if they manage to find a job, they are paid about 10 percent less than before, a report said.

Employment rates for graduates have fallen sharply in the last two years. Just 56% of members of the class of 2010 held at least one job by spring, compared to 90% from the classes of 2006 and 2007, the Press TV correspondent reports from Washington DC.

The lucky college grads who do land jobs in their careers find they are earning less money. Starting salaries for new grads have dropped 10% on average, according to a new Rutgers University study.

22-year-old Alexandra Pollock graduated from Georgetown University in 2010. She majored in Arabic language and culture and has not yet landed a job in her chosen profession.

"Even with an Arabic major being in high demand, it's scary because you don't have anything yet, and I don't have too much work experience," says Pollock.

Pollock is not alone. The outlook for college graduates in the US is bleak. New evidence shows the damage brought on by the recession is widespread and potentially paving the path for a lifetime of lower-earning potential for young graduates.

"It's a part of the American dream that you would be able to successful doing what you love and studying what you love, working hard in that area and not have to compromise those goals and values," says Victor George Sanchez, vice president of US Students Association.

What is as disturbing is that half the jobs landed by new grads do not even require college degrees. There has been a spike in new grads working in restaurants, bars and driving cabs.

Even if grads cannot find jobs, they still have to pay back their student loans. The average graduate owes about 25,000 dollars. For the first time in history, Americans owe more on student loans than credit cards. With tuition costs sky-rocketing, student loan debt is expected to cross the-trillion-dollar mark this year.

Reprinted from Press TV.

May 23, 2011

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