Contrary to what some politicians are telling us, more taxpayer spending to send more students to college will not reduce unemployment or improve the economy. That will only finagle the statistics by listing young people as students instead of as unemployed. Other politicians recite the falsehood that solving the unemployment problem requires "more investments in education." Investment is just a favorite liberal code word for more spending and higher taxes.
Let's look at some hard facts. The Federal Reserve Bank of Cleveland recently reported that the length of unemployment is unrelated to education level. The duration of unemployment is the same for all education levels of Americans age 25 and older, whether they have less than a high school diploma, only a high school diploma, some college, or a college degree. When you've been unemployed for a year or more, it becomes harder and harder to get any job. A new phrase now usually included in job ads for all kinds of positions is: "must be currently employed."
Employment is higher for people with more years of education, but approximately 60% of the increase in the number of college graduates in the last decade now work in relatively low-skilled jobs that need only a high school diploma or less. That means 17 million college grads are working in occupations that the Bureau of Labor Statistics classifies as not requiring college, such as cashier, waiter, waitress, or bartender.
As globalization spread and was touted by the elites as the wave of the future, conventional wisdom was that only blue-collar manufacturing jobs would be sent overseas while college grads were safe. That assumption is now obsolete, as computers and telecommunications have made it possible to offshore the jobs of college-educated employees.
Listen to the radio commentary here: