Johnson: College education remains a vital tool
The outlook on job prospects for college graduates hoping to begin their dream careers this year has been dismal, given a tough market with double-digit unemployment rates. Many recent graduates have found themselves settling for jobs with lower salaries, or taking positions that do not require a bachelor's degree, especially if they have to start paying back thousands of dollars in student loans.
As recent graduates now have to work much harder than their predecessors did, even 10 years ago, to land jobs, one of the hot-button issues being considered at present by policy experts is the value of a university education.
Since college enrollment is at an all-time high, it's obvious that most people still consider higher education as essential for obtaining a good job and some measure of financial security. While those with and without degrees are feeling the economic pinch as jobs are being cut, figures still show that those who completed college are faring a little better. According to federal Bureau of Labor Statistics data for October, adults 25 and older with a bachelor's degree or higher had a seasonally adjusted unemployment rate of 4.9 percent in September, compared to 8.5 percent for those with less college education. Workers with just a high school diploma had a seasonally adjusted unemployment rate of 10.8 percent.
The economic downturn has been partially credited for the surge in student enrollment at community colleges. The Pew Research Center cites census data reporting that a single-year increase of 300,000 students came at two-year schools, while attendance at four-year schools has remained even. This is no real surprise for hard times, as the average tuition at community colleges is almost $5,000 less than the cost of a public four-year university. Additionally, many older white-collar workers who've been laid off are returning to school to upgrade their skills or begin new careers.
Current labor trends show that demand for middle-skill jobs, trades that require a high school diploma and some postsecondary training, is extremely high. This is one of the primary reasons President Barack Obama launched the $12 billion American Graduation Initiative in July, with the objective of helping millions of students acquire associate degrees and certificates over the next decade. Of this funding, $3 billion will
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