Writes Robert Wenzel:
The unemployment rate for 20 to 34 year olds with masters degrees is up to 4.2% from 2.9% in June 2007, according toWSJ.
Bottom line, any sector of the economy that the government has been promoting aggressively, from housing to education, is collapsing. It is all a manipulated mess.Think about it. The government has twisted the American Dream into being about owning a home and getting a "good"education, even if you can't afford either and don't know what to do with either if the government hands you the money to get both.
The government pumped up both products, so that many people using government money,or government guaranteed money, have bought into the pumped up dream, without understanding what it is really all about. With out working and toiling hard for something, they have just grabbed what government has handed to them. When it doesn't workout, they just walk away. These people ended up with an inferior product that would have never appeared in a non-manipulated market.
The houses they bought are falling in price like a rock, some are even being abandoned. And everyone knows degrees aren't what they used to be, even graduate degrees. I know a math major who has a PhD and I seriously wonder if this person knows what the square root of nine is. I know another person with a masters degree that has no idea of how to construct a proper sentence. Recently, and I am not making this up, I had to explain to a person with an MBA from the University of Chicago the difference between election primaries and the general election. I had to explain to a Wharton grad (who is a bank analyst!) how the Fed creates money.