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 allow about. With out 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 stock analyst!) how the Fed creates money.
The world is changing and everything government has touched is collapsing. If you are thinking about getting a graduate degree because it is important to have a "good" education, forget about it. The government has loaded so many flunkies into these programs that those graduating out of these programs are getting little respect, and will be getting even less respect in the future. These degrees will be like owning a house in Detroit.
There's still a certain cachet if you get an advanced degree from Harvard, MIT, Stanford, Princeton, Yale and, overseas, the London School of Economics--and maybe a few others--but that's it. The intimidation factor you will have after getting a degree from one of these schools is probably worth the effort to get them. Also, if you are attempting to learn a career skill such as accounting or engineering, it makes sense to continue on. Or if you truly love learning and have a specialty, such as the study of 17th century literature, continue on. The flunkies aren't taking these courses.
But, if you are thinking about getting an MBA in, say, management, forget about.You are much better off getting a job sweeping floors at a company being run by the smartest businessman in your part of the country.
The increase in the unemployment for masters degree graduates to 4.2% is just the start. It will be in double digit levels in no time. The country and the world is changing, and it won't be a better place for most.You are going to have to be sharp and quick to maintain your standard of living.The government has destroyed most of the easy routes and appears to be on a campaign to close even more.