Why are
Recent College Graduates Underemployed?
University
Enrollments and Labor Market Realities
Political leaders, prominent foundations, and college presidents have argued
that the nation must increase the proportion of adults with college degrees in
order for America to remain competitive in the global economy. Supporting those
positions, some have issued studies demonstrating that there is a significant
earnings premium associated with the possession of a college degree. That is,
college graduates tend to earn more in the labor market compared with those with
only a high-school education, a differential that is large enough to justify the
expenditure of increasingly large sums of money necessary to finance a college
degree. A less optimistic story points out that, while there are undoubtedly
many who benefit —even quite substantially economically, from higher education,
a not inconsequential number of Americans who obtain higher education do not
achieve the economic gains traditionally accompanying the acquisition of
college-level credentials. This study uses empirical evidence relating to labor
markets to argue that a growing disconnect has evolved between employer needs
and the volume and nature of college training of students, and that the growth
of supply of college-educated labor is exceeding the growth in the demand for
such labor in the labor market.
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