The NewYork Times editorializes about the scary future awaiting today's college graduates. Five classes have left the ivy-covered whatever since the beginning of the Great Recession, and their jobless rate--8.5 per cent--is very high compared to what it was in the past. What is more actual wages earned by young college graduates have dropped by 4 per cent a year over the period.
In the Canadian context, "college" translates into "university" and, while unemployment figures aren't as bad, they're nothing to be pleased about. Add to that the need to pay down debt taken on while getting that precious diploma, and you've got a situation in both countries where even educated young people are going to have to paddle very hard to keep their heads above water.
The debt situation isn't as bad in Canada as it is in the US, which is all the more reason to support a hard look at tuition fees all across the country in order to avoid the debt-laden, under-employed generation now reaching adulthood in the US.
What we need, of course, is an end to economic austerity all over the world--see Paul Krugman yesterday for another statement of the problem and its solution--as well as recognition that, yes, we're all in this together and the future depends on decisions we make as societies.