Report: Half of college graduates jobless or underemployed
Author Salvator La Mastra reacts to numbers
- Duration 5:12
- Date May 29, 2012
Author Salvator La Mastra reacts to numbers
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Well school's out for a lot of college grads but the jobs well they're just not coming -- based on government numbers roughly half of all college graduates are either jobless or under employed.
And it gets worse the mountain of student loan debt now topping one trillion dollars yeah.
An interest rates on those loans are set to double on July 1 lawmakers in Washington are scrambling right now to extend those lower rates but is.
That and -- Let's ask a couple of recent college grad Salvatore -- -- having heat.
Welcome to both of you -- to begin with you you say college grads want jobs instead of lower and.
-- absolutely it may be tempting in the short run to support a policy that continues to subsidize or even forgive student -- -- but the truth is those subsidies won't solve the underlying problems that are expecting economic prospects of young people in the United States today.
We need jobs we need a robust economy Tel -- move forward.
Yes -- I understand you're actually under significant amount of student loan debt just taking out another round of loans to gonna -- school correct.
So how do you feel about -- interest rates situation I mean would it really be in packed full to you wouldn't be -- -- -- -- those rates are allowed to double.
It would be I think it's something that eventually is gonna have to happen and he said I mean it outstanding debt is a trillion dollars and student loans and that's unsustainable just like the housing market was the last thing we it is.
Another type of economic bubble the person -- and another recession insults.
I think an extension of the cats is gonna be great for young voters and -- -- -- help them with their vote but in the end just like athletes that is all about jobs when they go into that noting that the November they're gonna be voting for Dobson not interest rates.
Is absolutely okay -- I avatar really quickly and then we'll get back to how the shot on -- your your your course of study Salvatore because I do understand you're taking out.
A lot of money in loans -- -- going to dental schools it was that.
Part of your decision whether or not to take the -- what I'm getting at here is a lot of students take out massive amounts.
Of loans and a major in courses of study that don't necessarily lead into the best paying -- -- did that factor into your decision.
Yes that that's that.
-- benefit for myself I don't on the category emotion voters when I'm at a dental school law have the income to repay those loans without a problem because there's a shortage of dentists and doctors in this country I have no problem finding topic does.
CNN's out there have majored in you know communication or something else where there are no jobs available right now it's a huge factor for them in those loans are just sitting there -- on dead.
My about jobs to pay it back that they're not gonna care what's interest rates aren't they can't pay back period.
Hadley Alex follow up to that and give a sense of how tough it really is out there we know the situation overall is top with over 8% unemployment in the country.
But what are the specific challenges for recent grads.
Absolutely well there at the bottom of the experience totem pole certainly they're coming into the job market.
That's already suffering there many discouraged workers out there so the national unemployment rate.
Doesn't fully capture that the entire picture and young people -- just graduating as you mentioned earlier.
One out of -- even with a college degree.
Are jobless are underemployed many people working in jobs waiting tables when they have a college degree and this is gonna have long term consequences for them it's gonna aspects there.
Long term earning power it's gonna affect their family formation their ability and move out of mom and dad's basement.
And this is so crucial for young people who want to be independent they want to be contributing members of our economy and our society.
They don't wanna be dependent on mom and dad or mom and dad's health insurance they want their -- now clearly -- -- 2010 graduate rate Hadley so clearly think you're doing great.
What kind of -- you have for some of your peers out there who probably aren't as fortunate her work -- -- -- How did you make it work.
Well I I would just say you have to think about what's marketable you know everyone has always told me my entire life.
Do what you love and yes there is an element of passion and the work that that you might choose to pursue but also consider wearing your.
Specific talents it into the marketplace consider what you can do.
Let someone else is willing to pay for.
Because there are many things that you could do that's you may be passionate about but unless there's a demand for that perfection.
You may get yourself into a tough situation financially so I would encourage people to really consider.
Where is that crossroads between my passion my talents the still that I want to bring to the workforce.
And that place where there's -- demands.
-- cure for your thoughts pretty.
How do you receive the president how do you think about the president reaching out to specifically.
Your age group.
Recent college graduate students recently as part of his reelection bid.
Well he needs -- if he's gonna get reelected in 2008 he won several states by less than 20000 votes because young people should have been voted form.
And after he was elected I feel like he kind of left us in the dust and went on and did his thing -- president and now -- he needs us again.
He's all about you know forgiving student loans and lowering the interest rates -- student loans and making sure he -- press and I think alike and voters are gonna see past that and he's very nervous that say they're not gonna show up or B they're gonna vote for Romney because they want jobs and he's gonna have a very tough time.
Re energizing those young voters with that new message of hope and change and -- I don't know if he'll be able to find that.
All right Salvatore Lamas fat and Hadley heat thanks to go to -- for sharing your experiences with us -- really appreciate it.
Let's enjoying and I Leo thank you we'll.