College Planning & Management

AUG 2012

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Editor's Note THE VIEW FROM HERE EDITORIAL Where Is the Tipping Point? A few years ago I wrote a column on the cost versus the value of a higher education. After looking at this month's jobs report, I thought it might be time to revisit that subject. The Bureau of Labor Statistics' July jobs report stated 163,000 new jobs were gained, while economists and analysts reported a loss of 1.2M jobs in July (due in part to seasonal adjustments). The number of unemployed persons totaled 12.8M, an unemployment rate of 8.3 percent. These numbers do not include the 2.5M people wanting and available for work who were not counted as unemployed because they had not searched for work in the four weeks preceding the BLS survey. When it comes to our young adults, recent PEW reports had some interesting fi ndings. The unemployment rate for young adults is almost double the overall rate. Over the past two years a smaller share of the young adult population has been employed than at any time since 1948, the fi rst year this data became available, and a growing share has left the labor market. Fully half (49 percent) of those ages 18 to 34 say that because of economic conditions over the past few years, they have taken a job they didn't really want just to pay the bills. One in four (24 percent) say they have taken an unpaid job to gain work experience. Roughly a quarter of adults ages 18 to 34 (24 percent) say that, due to economic conditions, they have moved back in with their parents in recent years after living on their own. Add to unemployment (and underemployment) the fact that the average tuition at a four-year public university climbed 15 percent between 2008 and 2010 — with increases of 40 percent and more at universities in states like Georgia, Arizona, and California — and the cost of a college education versus the benefi ts becomes a topic of discussion. Many graduates are now leaving college, not with the prospects of a good job, but instead with dashed hopes and the wor- ries of repaying massive student loans. The lucky ones have found work, but many of those are underemployed, their incomes reduced and their savings decimated. Most students (and parents) still see the value of a college education, but with the cost of a higher education still on the rise and job prospects at an all-time low, how long before we reach the tipping point? CPM EXECUTIVE EDITOR/PUBLISHER Deborah P. Moore dmoore@peterli.com VP/EDITOR-IN-CHIEF Jerry Enderle jenderle@peterli.com EDITOR Shannon O'Connor soconnor@peterli.com ASSOCIATE EDITOR/EDITOR, TECHNOLOGY PLANNING & MANAGEMENT Christine Reedy creedy@peterli.com EDUCATION INDUSTRY ANALYST Paul Abramson STAFF WRITERS Michael Fickes, Ellen Kollie, Amy Milshtein, Janet Wiens EDITORIAL ADVISORY BOARD DIRECTOR, NATIONAL INSTITUTE FOR PUBLIC SAFETY RESEARCH AND TRAINING Shad U. 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Spring 866/895-8894 856/784-5868 (fax) mspring@peterli.com IA IL IN KS KY MN MO NE ND OK SD TN WI Chris Dewey 866/737-9414 847/256-3294 (fax) cdewey@peterli.com F 2011 EDITORIAL AWARD WINNER 2011 I and not necessarily those of college planning & management magazine or of the peter li education group. disclaimer: the opinions of authors and columnists are thier own Executive Editor/Publisher dmoore@peterli.com 6 COLLEGE PLANNING & MANAGEMENT / AUGUST 2012 college planning & management® is a registered trademark of peter li, inc. WWW.PLANNING4EDUCATION.COM D I S T I R N G W U A I S H N E 2 E L D 0 M A A 0 E N C E 3 V T T A D I S

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