Nearly 2 million students will emerge from U.S. colleges with bachelor’s degrees this year.
Many will enter a job market their parents barely recognize.
Competition for entry-level jobs is fierce, despite the tight labor market. Many applicants run a gantlet of internships and tryouts before getting a toehold on a permanent job. Career ladders of old have been replaced by zigzag job-to-job paths. Entry-level pay gainshave fallen short of housing-cost increases in many regions, and grads’ average debt has tripled since the early 1990s.
All this can leave parents off-balance and hard-pressed to offer advice.
Chloe Roach worked two part-time jobs during college, and three unpaid internships, before graduating from the State University of New York at Geneseo last summer with a degree in communications. She took another unpaid internship after graduation to get the ad-agency experience employers wanted, before finally landing a six-month hourly position.
“I’m exhausted just watching her,” says her mother, Monique Patenaude, a university media-relations director at her daughter’s alma mater. “She just turned 21 and she’s had more phone interviews, Skype interviews, in-person interviews, first, second and third interviews, than I’ve ever had.”
.. When Thomas Plante, a psychology professor at Santa Clara University, told friends he was going to grad school after getting his bachelor’s degree years ago, they assumed he was becoming a doctor or lawyer. Today, students seeking advanced degrees have far more career options to choose from. When his son, Zach, laid plans to go straight to grad school after graduating from Dartmouth in earth science and physics, his professors told him instead to work in research for a while so he could make a more thoughtful choice about next steps.
While Zach is working as a research assistant in labs at Stanford University and the U.S. Geological Survey, his hourly pay isn’t high enough to afford housing, so he’s living with his parents in Menlo Park, Calif. Dr. Plante and his wife, Lori, were able to buy their house years ago with their entry-level salaries and some savings. Today, his daily runs take him past a two-bedroom cottage listed for sale at $3 million.
He finds it ironic when parents complain that their sons and daughters didn’t work their way through college or land a high-paid job before graduation. His advice: “Your reality back in the 1970s or 1980s is just not the world of 2019. You’ve got to get over it.”
The New Rules of the Post-College Job Search
Encourage your child to:
* Get workplace experience before graduating.
* Start building a network early.
* Acquire technical, analytical and interpersonal skills not taught in college classes.
* Avoid relying heavily on online job boards.
* Build a robust LinkedIn profile.
* Seek out other experienced adult mentors for advice.
Their incomes are flat. Their wealth is down. And Washington is aggravating future threats.
For Americans under the age of 40, the 21st century has resembled one long recession.
I realize that may sound like an exaggeration, given that the economy has now been growing for almost a decade. But the truth is that younger Americans have not benefited much.
Look at incomes, for starters. People between the ages of 25 and 34 were earning slightly less in 2017 than people in that same age group had been in 2000:
The wealth trends look even worse. Since the century’s start, median net worth has plummeted for every age group under 55:
.. Why is this happening? The main reason is a lack of economic dynamism. Not as many new companies have been forming since 2000 — for reasons that experts don’t totally understand — and existing companies have been expanding at a slower rate. (The pace of job cuts has also fallen, which is why the unemployment rate has stayed low.) Rather than starting new projects, companies are sitting on big piles of cash or distributing it to their shareholders.
This loss of dynamism hurts millennials and the younger Generation Z, even as baby boomers are often doing O.K. Because the layoff rate has declined since 2000, most older workers have been able to hold on to their jobs. For those who are retired, their income — through a combination of Social Security and 401(k)’s — still outpaces inflation on average.
But many younger workers are struggling to launch themselves into good-paying careers. They then lack the money to buy a first home or begin investing in the stock market. Yes, older workers face their own challenges, like age discrimination. Over all, though, the generational gap in both income and wealth is growing.
Given these trends, you’d think the government would be trying to help the young. But it’s not. If anything, federal and state policy is going in the other direction. Medicare and Social Security have been spared from cuts. Programs that benefit younger workers and families have not.
.. The biggest example is higher education. Over the past decade, states have cut college funding by an average of 16 percent per student. It’s a shocking form of economic myopia. In response, tuition has risen, and students have taken on more debt. Worst of all, many students attend colleges with high dropout rates and end up with debt but no degree.
And as badly as the government is treating the young today, the future looks even more ominous.
First, the national debt, while manageable now, is on pace to soar. The primary cause is the cost of health care: Most Americans receive far more in Medicare benefits than they paid in Medicare taxes. The Trump tax cut also plays a role. It is increasing the debt — and it mostly benefits older, affluent households.
Is the world ready for the Great Schism?
The events of the past year brought American and Israeli Jews ever closer to a breaking point. President Trump, beloved in Israel and decidedly unloved by a majority of American Jews, moved the United States Embassy from Tel Aviv to Jerusalem in May, with the fiery evangelical pastors John Hagee and Robert Jeffress consecrating the ceremony.
In October, after the murder of 11 Jews at the Tree of Life synagogue in Pittsburgh, President Trump went to that city to pay his respects. Members of the Jewish community there, in near silent mourning, came out to protest Mr. Trump’s arrival, declaring that he was not welcome until he gave a national address to renounce the rise of white nationalism and its attendant bigotry.
The only public official to greet the president at the Tree of Life was Israel’s ambassador to the United States, Ron Dermer.
At a Hanukkah celebration at the White House last month, the president raised eyebrows and age-old insinuations of dual loyalties when he told American Jews at the gathering that his vice president had great affection for “your country,” Israel.
Yossi Klein Halevi, the American-born Israeli author, has framed this moment starkly: Israeli Jews believe deeply that President Trump recognizes their existential threats. In scuttling the Obama-era Iran nuclear deal, which many Israelis saw as imperiling their security, in moving the American Embassy from Tel Aviv to Jerusalem, in basically doing whatever the government of Benjamin Netanyahu asks, they see a president of the United States acting to save their lives.
American Jews, in contrast, see President Trump as their existential threat, a leader who they believe has stoked nationalist bigotry, stirred anti-Semitism and, time and time again, failed to renounce the violent hatred swirling around his political movement. The F.B.I. reports that hate crimes in the United States jumped 17 percent in 2017, with a 37 percent spike in crimes against Jews and Jewish institutions.
When neither side sees the other as caring for its basic well-being, “that is a gulf that cannot be bridged,” Michael Siegel, the head rabbi at Chicago’s conservative Anshe Emet Synagogue, told me recently. He is an ardent Zionist.
To be sure, a vocal minority of Jews in Israel remain queasy about the American president, just as a vocal minority of Jews in the United States strongly support him. But more than 75 percent of American Jews voted for the Democrats in the midterm elections; 69 percent of Israelis have a positive view of the United States under Mr. Trump, up from 49 percent in 2015, according to the Pew Research Center. Israel is one of the few developed countries where opinion about the United States has improved since Mr. Trump took office.
Part of the distance between Jews in the United States and Israeli Jews may come from the stance that Israel’s leader is taking on the world stage. Mr. Netanyahu has
- embraced the increasingly authoritarian Hungarian leader Victor Orban, who ran a blatantly anti-Semitic re-election campaign. He has
- aligned himself with ultranationalists like Rodrigo Duterte in the Philippines,
- Jair Bolsonaro in Brazil and a
- Polish government that passed a law making it a crime to suggest the Poles had any responsibility for the Holocaust. The Israeli prime minister was one of the very few world leaders who reportedly
- ran interference for the Trump administration after the murder of the Saudi journalist Jamal Khashoggi and urged President Trump to maintain his alliance with the Saudi crown prince, Mohammed bin Salman. Mr. Netanyahu’s
- son Yair was temporarily kicked off Facebook for writing that he would “prefer” that “all the Muslims leave the land of Israel.” Last month,
- with multiple corruption investigations closing in on him and his conservative coalition fracturing, Mr. Netanyahu called for a snap election in April, hoping to fortify his political standing. If past is prologue, his election campaign will again challenge American Jewry’s values. As his 2015 campaign came to a close, Mr. Netanyahu
- darkly warned his supporters that “the right-wing government is in danger — Arab voters are heading to the polling stations in droves,” adding with a Trumpian flourish that left-wing organizations “are bringing them in buses.”