This oversupply is leading to higher unemployment in the college educated sector, hitting new graduates the hardest.
The unemployment rate for bachelor’s degree holders climbed to 2.8% in September, while joblessness for other education groups remained relatively the same. Young degree-holders are getting squeezed the most: unemployment for ages 20 to 24 jumped to 9.2%, an increase rarely seen outside recessions.
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Palantir CEO Alex Karp recently had an epic quote about this emerging labor market mess :
The average Ivy League grad voting for this mayor is annoyed their education is not that valuable, and that the person who knows how to drill for oil has a more valuable profession.
I think that annoys the f*ck out of these people.
Anyone with an ounce of sense saw this coming years ago, especially when there were whole industries selling the myth that the only way to be happy and successful was to go to college.
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