employment

You Know It's Hard Out Here For A . . . (Insert Job Here)

The Economic Policy Institute released a snapshot today on young people in the workforce. The results were neither encouraging nor unexpected.

This month’s crop of new college graduates will confront a more inhospitable job market than their predecessors faced in 2001, the beginning of the last recession.

In particular, wage and benefit trends show that the labor market for recent college graduates (ages 23-29) was weaker in 2007 than before the last recession in 2001. Inflation-adjusted average hourly wages for young college graduates were $21.09 for men and $18.17 for women in 2007 (Figure A). While the hourly wages for both men and women have ended their steady decline, they have barely risen and are still lower by about $0.60 for women and $1.60 for men than they were six years ago.

FigA_wages

EPI's conclusions: With persistent job losses and rising unemployment expected, there is little evidence to suggest that the job market will improve for recent college graduates in the near future.

Yikes!

60 Minutes Slanders Millennials For Adapting to the World Boomers Created

Update: I forgot the best part - the reason we're like this? Apparently it's all Mr. Roger's fault. Seriously.
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I'm still catching up on stuff that I missed last week, and couldn't let this go by without comment.

On Sunday, 60 Minutes ran a program about Millennials in the work force that was just about as bad as could be. Reported by Morley Safer, a man who probably could have served in the Korean War, the program's findings, in short, run something like this: Millennials are narcissistic whiners who need to be coddled and don't understand the value of a hard days work.

Here are just a few choice quotes from the report, and why they are so incredibly one-sided and out of touch with reality.

Faced with new employees who want to roll into work with their iPods and flip flops around noon, but still be CEO by Friday, companies are realizing that the era of the buttoned down exec happy to have a job is as dead as the three-Martini lunch.

It's not immediately obvious when reading that quote, but the entire tone of the piece is that this is a very very bad development. That disapproval reveals a shocking lack of recognition on the part of Safer and 60 Minutes to today's work environment. Why should Millennials be loyal to a company when the corporate world no longer responds in kind by providing the security it did for our parents generation? Fewer and fewer employers provide health care, without which there can be no financial or personal security. We watched as thousands of our parent's generation lost their retirement funds to corporate accounting scandals. Why would we ever give our loyalty to such a dishonest and miserly master?

If Boomers (or Silent Generation) execs and media are upset about our view of the corporate world, they have no one to blame but themselves.

"They have climbed Mount Everest. They've been down to Machu Picchu to help excavate it. But they've never punched a time clock. They have no idea what it's like to actually be in an office at nine o'clock, with people handing them work.

Really? No young person out there born after 1978 has ever punched a clock? Worked an honest day's labor? Personally, I sure remember lugging around a bag of golf clubs for rich Boomers to finance my summer vacations and even accumulate spending money for school. I'm willing to bet there are a whole lot of folks who worked (and continue to work) hard just to pay tuition or support their young families. So this isn't even about the work habits of young people. It's about those of an economically elite subset of young people, with whom this report is concerned. Those who go to Harvard or other top tier colleges (and accumulate mountains of debt in the process, natch).

Today more than half of college seniors move home after graduation. It's a safety net, or safety diaper, that allows many kids to quickly opt out of a job they don't like.

"There once was, if not shame, a little certain uneasiness about being seen to be living at home in your mid 20s, yes?" Safer asks Mary Crane.

"Not only is there no shame with it, but this is thought to be a very smart, wise, economic decision," Crane says.

Yeah, it is an economic decision if you want to be competitive. Thanks to mismanagement of the economy, government subsidies to corporate lenders, and a steady rise in tuition prices (far outpacing inflation), most people graduate college with at least $20,000 in debt, a burden that most Boomers did not have when they finished college (indeed, one could still reasonably expect to do well without a college degree back when Boomers were young). Of course our habits and views are different, we face an entirely different economic reality than our parents did. That's not narcissistic, or the result of over-coddling, it is a rational response to our economic situation.

All of which has led, as you'd expect, to a whole new industry -- or epidemic -- of consultants, experts they allege, in how to motivate, train and, yes, sometimes nanny the extraterrestrials who've taken over the workplace.

Extraterrestrials? How about your children? This is really the crux of it. This piece isn't about Millennials at all, it's really about Boomer discomfort in a changing workforce that they created. It's a psychic cleansing of their own discomfort at facing what are natural responses and adaptations to their own excesses. In point of fact, there are only two Millennials in the entire piece, and they are used as a prop to support the Safer's thesis. Poor poor reporting on the whole from 60 Minutes, perhaps they should turn an equally critical eye towards their own work ethic.

Real Wages, Real Coalitions, and a Word on New Tech

  • A few weeks ago I wrote an essay that barely scratched the surface of the role of race in youth politics. This essay on multi-racial and "anti-racial" youth coalitions digs a little deeper. This has also been a hot topic at MyDD lately.
  • Check out this piece about some post-doc research at Georgetown on the role of New Media in campaigns. I think the study director overplays the role of Mobile media and podcasts. I think we're still a few years away from those mediums really taking off and having the impact that something like YouTube or socical networks will have in this cycle. But she really hits an important nail on the head at the end of the piece:

    "I want to look at places that are not designed to be political, but politics take place there. If you just look at candidate Web sites, you just see a limited amount of political action," she said. "But when you go to other sites like sports talk boards, you see a lot of political commentary and engagement."

    Bingo. That's the key, and its the piece that everyone seems to be overlooking (or at least not explicitly talking about) in all the discussions about new media, online outreach, and social networking. If you think about the campaign as a series of concentric circles, the campaign is the hub and social networks, YouTube, etc are the first layer of "new media" circles.

    That's as far as anyone is really taking it, but the whole point is that those first circles expand into other circles - smaller MySpace and FaceBook groups, groups on other, less popular social networks, online discussion boards, etc. Each step out gets less political in its main purpose, but it's these periphery locations and the ability to move political conversations into them that will be the key to really tapping the full power of "New Media."

  • Finally, the Economic Policy Institute reports that 6 years after the 2001 recession, real wages and employment rates for recent college grads have still not returned to normal levels. Graphs after the jump.
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