Grand Rapids, MI -- (SBWire) -- 06/04/2012 --Financial advisor Dennis Tubbergen frequently discusses the economy and politics in his blog at www.dennistubbergen.com. On May 28, 2012, Tubbergen’s blog took a look at unemployment in the United States.
“Again demonstrating that this recession is different, a news story published on Investors.com revealed that the majority of those who are currently unemployed went to college,” begins Tubbergen.
The article reads in part, “For the first time in history, the number of jobless workers age 25 and up who have attended some college now exceeds the ranks of those who settled for a high school diploma or less. Out of 9 million unemployed in April, 4.7 million had gone to college or graduated and 4.3 million had not, seasonally adjusted Labor Department data shows.”
The article goes on to state that number is a shift of some 2 million since the jobless recovery of 1992, “when 4.1 million who hadn’t gone to college were jobless, vs. 2.3 million jobless who had gone.”
While the article notes that a greater share of the American people have now attended college, older workers who were likely not to have gone to college are also leaving the work force.
The article continues, “But along with the increasing prevalence of college attendance has come a growing number of dropouts, who have left school burdened by student loan debt but without much to kick-start their careers.”
“In an economic season like the one in which we find ourselves today, employment becomes a major issue,” explains Tubbergen. “It was the major issue in the last economic winter season and it’s the major issue again in the present winter season.”
Tubbergen goes on to say that unfortunately for many students, student loans have been easy to get but tough to get rid of. He notes that a student loan cannot typically be dismissed in a bankruptcy proceeding, putting the 36% of recent college graduates who cannot find a job but with student loan debt in a very difficult situation.
“This is another perfect example of well-intentioned public policy that creates miserable, unintended consequences,” concludes Tubbergen.
Tubbergen, who is CEO of USA Wealth Management, LLC, an author and a radio show host, also keeps his clients and readers informed with his Moving Markets weekly newsletter at http://www.moving-markets.com.
Dennis Tubbergen and his The Everything Financial Radio Show can be heard on Michigan’s WOOD 1300 AM and 106.9 FM stations, part of the Clear Channel network. The Everything Financial Radio Show can also be heard on WTKG 1230 AM Tuesdays from 8 to 9 a.m. Broadcast times for WOOD 1300 AM and 10.9 FM are Sundays at 9 a.m. Past broadcasts are available as podcasts at http://www.everythingfinancialradio.com
Dennis Tubbergen has been in the financial industry for over 25 years and has his corporate offices at 961 4 Mile Road N.W. in Grand Rapids, Michigan. Tubbergen is CEO of USA Wealth Management, LLC and has an online blog. His weekly talk show The Everything Financial Radio Show is syndicated on two Michigan metro stations.
The opinions expressed herein are those of the writer and not necessarily those of USA Wealth Management, LLC. This update may contain forward-looking statements, including, but not limited to, statements as to future events that involve various risks and uncertainties.
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause actual events or results to differ materially from those that were forecasted. Therefore, no forecast should be construed as a guarantee. Prior to making any investment decision, individuals should consult a professional to determine the risks, costs, benefits and fees associated with a particular investment. Information obtained from third party resources is believed to be reliable but the accuracy cannot be guaranteed.
The New Normal? The Majority of U.S. Unemployed Went to College
Financial advisor Dennis Tubbergen tries to make some sense of unemployment.