20% of Unemployed Have College Degrees

I don’t normally watch CBS’s “60 Minutes.” Last night I happened to stumble upon a sobering “60 Minutes” segment by correspondent Scott Pelley — “Unemployment Benefits: The 99ers.”
I can’t find the segment on YouTube, but I did find bits and pieces. Here’s a snippet from “60 Minutes”:
[youtube=https://www.youtube.com/watch?v=QudPK1uJii8]
The 99ers refer to an estimated 1.5 millions Americans who have been on unemployment benefits for the maximum 99 weeks, the longest period of such benefits ever approved by Congress. Unless Congress approves another extension, which our nearly $14 trillion national/federal government debt can ill afford, these Americans will no longer even have their unemployment checks.
As a country we are now in uncharted waters. A college degree is no longer a guarantee that one will find a job, even less that the job is high-paying or even in a field for which one was trained. As many as 20% of our unemployed have college degrees. This was brought home in the “60 Minutes” segment.
Correspondent Pelley went to a Job Connections meeting of out-of-work Silicon Valley job seekers held in a church in Danville, California. The meeting occurs weekly — a combination of jobs fair and support group. The people there are in their 40s, 50s, and 60s who, as Pelley put it, “thought they’d done everything right: got a college degree, stayed with their company, and saved for retirement.” More than half of them had expected to retire from their company but now find themselves unemployed, some for over two years. Most of them had already cashed out their 401k’s, IRAs, and savings accounts. Every man and woman at the meeting has a college degree; a good number have a Master’s degree; several have Ph. D.s. All are at an age that makes them at once “too young to retire” but “too old to be rehired.”
There are heartbreaking personal stories:

  • MaryAnn Rose, 54, a former financial analyst, has been unemployed for more than two years. She was reduced to living in a truck with her dog before her friends took her in to live in their attic room. Rose had thought her stay would be two weeks; she has been living in her friends’ house for six months…and counting.
  • Judy Thompson, in tears, says she may lose her house that she’s had since 1982.
  • Sara Hubert may lose her family business of 23 years.
  • Jim Wyle has been job-seeking for two years. A former fiber optics engineer manager, Wyle has a part time job at Target, which pays him $9 an hour.

Here’s a video taken by someone who was at the Job Connections meeting. Footage of Pelley and the job seekers made it into the “60 Minutes” segment:
[youtube=https://www.youtube.com/watch?v=0NlBZ-vNq6Y]
You can watch the entire segment on CBS’s website.
~Eowyn

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Anonymous
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Anonymous

Worthless college degrees for everyone who can manage to take six years and get butt-deep in student loan debt to pay for them (forget insisting upon ability to actually earn a worthwhile college degree because that’d be “racist”) while making the job market less likely to hire anybody at all… thank you Democrats, you “social justice” idiots.

 
DCG
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DCG

Ah, the wonderful result of “hope and change”…

 
tina
Guest

this will fire your rockets! speaking of Silicon Valley-the Gov.of Calif.is trying to bring Russia into Silicon Valley,{industries} Calif people need to stand up,the Calif state legislature is full of communists,and total corruption. The USA needs to start making their own factories,and our own products in every field,we have the technology,pull back every ridiculous regulation from the EPA and the gov,{there are plenty} and start the USA rolling again.

 
Katykat
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Katykat

Loss of good American jobs is the result of all the free trade that Clinton and Bush II pushed through so that the multinationals could pay their CEO’s more and we could feel good about our retirement portfolios. The joke was on the US citizens, who’ve now lost their ability to actually produce something and our “service economy” is just a bunch of slimey Wall Street scammers selling worthless or fraudulant paper (multiple times in some cases). Oh, well, I heard McDonalds is looking — and there’s some good home care jobs open for people who don’t have latex allergies.… Read more »

David
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David

The worst part of being unemployed long term is the depression that goes with it. It is almost a sin to be unemployed in America. People tend to look on it as a sign of your laziness. They often assume that you don’t try to look for work. I have been out of work for over two years now myself. I am stuck in a small town (very small) with a terrible mass transit system and no car. Try and get a job in a small town without a car. It is nearly impossible. It completely narrows the field if… Read more »

cc
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cc

I’m experiencing the depression that comes with unemployment too. That in itself is debilitating and people rarely do understand that you are in fact trying. I just received my M.S. degree, and have been looking for work for almost 5 months. I can’t even get a call back to be a secretary. I’ve done everything, networked, called temp agencies, everything. One job I applied for I was number 1,000 on a list of 3,000 people for one position. I don’t know what to do. I feel useless, and betrayed. All I was told growing up was go to school, get… Read more »