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Old 10-08-2013, 08:25 PM   #28
Dr. Simon Hurt
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Sosa, you really have no idea what you're talking about.
Quote:
284,000: Number of American college graduates working in minimum-wage jobs in 2012.


The Wall Street Journal this week reported on the troubling trend of college graduates getting stuck in low-skilled jobs, a problem that new research suggests may endure even after the economy improves.

As the story noted, college graduates tend to earn more than their less-educated coworkers, even within the same field. But that isn’t true for everyone: According to the Labor Department, there were 284,000 graduates—those with at least a bachelor’s degree—working minimum-wage jobs in 2012, including 37,000 holders of advanced degrees. That’s down from a peak of 327,000 in 2010, but double the number in 2007 and up 70% from a decade earlier.

While the raw number of college grads stuck in minimum-wage jobs remains elevated, their share of such jobs is at more or less its 10-year average. About 8% of all minimum-wage workers held at least a bachelor’s degree in 2012, a figure that has bounced around over the past decade with no clear trend. Given that the share of the labor force with a college degree has been rising steadily over the same period, the lack of a parallel trend among minimum-wage workers suggests that grads aren’t generally ending up at the absolute bottom of the earnings ladder.

Instead, they’re ending up slightly higher up the ladder, in jobs that pay an hourly wage. In 2002, college graduates made up 13% of all hourly workers. That figure has risen every year since, hitting 17.8% in 2012. There are now 13.4 million college graduates working for hourly pay, up 19% since the start of the recession. While the Labor Department doesn’t provide data on how much those jobs pay, it’s a safe bet most of them aren’t the kind of jobs students were hoping for when they graduated.

As college graduates take lower-level jobs, they are displacing less educated workers, who are being pushed further down the ladder. Americans with some college or an associate’s degree made up nearly 35% of minimum-wage workers in 2012, up from 29% a decade earlier. The least-educated workers, meanwhile—those with a high-school diploma or less—actually make up a smaller share of minimum-wage workers than they did in 2002, likely because many of them are unemployed or out of the labor force entirely. Such workers make up nearly half of all unemployed workers despite accounting for just over a third of the civilian labor force.

The hope, of course, is that as the economy improves, the same trend will happen in reverse: Increased demand for higher-level workers will open up mid- and low-level jobs, pulling displaced workers up the employment ladder. But there’s reason to worry that isn’t happening. By any of a number of measures, wages and income have been stagnant in the recovery, even as job growth has been relatively steady. There are various reasons for that, chief among them the continued high rate of unemployment. But it also suggests that, at least so far, the healing job market hasn’t generated the kind of lift that will help workers find jobs more aligned with their skill level.
http://blogs.wsj.com/economics/2013/...mum-wage-jobs/
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