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The world needs at least 600M new jobs in the next decade for young people

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Re: The world needs at least 600M new jobs in the next decade for young people

#31

Post by Domenic_S »

debaserab2 wrote: post #20
maresca wrote: post #3

Student loan debt surpassed credit card and auto loan debt in the US last year. Many college grads graduate with large sums of debt and can't find relevant jobs. Since student loan debt isn't forgivable, it'll be interesting to see the effect of this over the next decade. I have a hunch that the next big market crash will be caused by student loan debt.

Depending on the loan, student loan debt can be forgivable: https://studentaid.ed.gov/sa/repay-loans/forgiveness-cancell...

If you 1) have a job at a 2) qualifying employer (non-profit or government).

If you have a job, you're definitely not as impacted WRT your student loans as someone without a job.

Re: The world needs at least 600M new jobs in the next decade for young people

#32

Post by eastbayjake »

hueving wrote: post #11
maresca wrote: post #3

Student loan debt surpassed credit card and auto loan debt in the US last year. Many college grads graduate with large sums of debt and can't find relevant jobs. Since student loan debt isn't forgivable, it'll be interesting to see the effect of this over the next decade. I have a hunch that the next big market crash will be caused by student loan debt.

Student debt has been thought to be the next crash, but I'm not sure how unless the laws change. It's not dischargable in bankruptcy so it's not like you can walk away.

Student loan debt won't create a crash, it has just been an enormous brake on the US economy for almost a decade now and we've grown so used to its effects that we don't really notice it anymore.

Imagine how many young people would start a company or take a risky-but-educational job except that they need the liquidity and stability to make a student loan payment every month? You could get living expenses close to zero by living with your parents for a while, but student loan payments require you to have some cash coming from somewhere each month.

Re: The world needs at least 600M new jobs in the next decade for young people

#33

Post by edgyswingset »

fecak wrote: post #10
jonathanjaeger wrote: post #5

Disclaimer: This is purely anecdotal, and not backed by any data. I'm in my mid-twenties and just recently started interviewing people for the team I work on. It's amazing how little effort many seemingly qualified people put in to secure an entry-level job. Whether it be hustle to learn more about a business, the specifics about the company you might work at, or finding someone to give a second set of eyes on a cove…

Recruiter and resume-writer-on-the-side here, and it's become so easy to apply for jobs that most people put zero effort into anything but pressing send and shotgunning a resume to hundreds of companies. If there was even a small cost (time or money) to applying, you can be sure that resumes and cover letters would be much more common and of higher quality. I'm not suggesting that we charge applicants, but years ago…

As a recent college grad who went to a community college and then a run-of-the-mill state school, my experience and general impression from my peers was that unless you shotgun as many job applications as possible, you're probably not going to hear back from anyone.

My own hypothesis is that most companies are so obsessed with a potential "false positive" hire that they're perfectly okay with not investing in a new graduate. Thus, we have to send out 10+ job applications per week, otherwise we end up as yet another one of the millions of unemployed, college-educated young adults.

It's not totally awful (I found a great job as a result of my career fair), but unless a company is specifically recruiting from your university it's pretty much a given that you won't be offered an interview, let alone a job.

Re: The world needs at least 600M new jobs in the next decade for young people

#35

Post by chucky_z »

blakeshall wrote: post #8
jonathanjaeger wrote: post #5

Disclaimer: This is purely anecdotal, and not backed by any data. I'm in my mid-twenties and just recently started interviewing people for the team I work on. It's amazing how little effort many seemingly qualified people put in to secure an entry-level job. Whether it be hustle to learn more about a business, the specifics about the company you might work at, or finding someone to give a second set of eyes on a cove…

I'd be curious if you are seeing the results of 'shotgun' style job searching. Sending your resume anywhere and everywhere with the hopes of getting a callback. I imagine that would make it difficult to research every possibility.

I was going to mention this exact same thing. The last time I had to go job hunting I submitted my resume to 40-50 companies each week or so, and unless I heard anything back ever, I did zero research outside of seeing if what they were looking for matched what I wanted to apply for.

Re: The world needs at least 600M new jobs in the next decade for young people

#36

Post by chc »

jonathanjaeger wrote: post #5

Disclaimer: This is purely anecdotal, and not backed by any data. I'm in my mid-twenties and just recently started interviewing people for the team I work on. It's amazing how little effort many seemingly qualified people put in to secure an entry-level job. Whether it be hustle to learn more about a business, the specifics about the company you might work at, or finding someone to give a second set of eyes on a cove…

In my experience, most people who are having trouble finding a job put in a lot of effort for their first several tries, then lose hope and start just robotically resume-spamming. Probably some people are just lazy, but I'm guessing in a lot of cases you're catching people on the tail end of that.

Re: The world needs at least 600M new jobs in the next decade for young people

#37

Post by chimeracoder »

learc83 wrote: post #25
maresca wrote: post #3

Student loan debt surpassed credit card and auto loan debt in the US last year. Many college grads graduate with large sums of debt and can't find relevant jobs. Since student loan debt isn't forgivable, it'll be interesting to see the effect of this over the next decade. I have a hunch that the next big market crash will be caused by student loan debt.

Student loan debt isn't dischargeable in bankruptcy, but their are income based repayment plans. You can pay back either 10% of your discretionary income, for 20 years and then the remaining balanced is forgiven (if a balance remains). Discretionary income is defined as the difference between your income and 150% of the federal poverty level. If you have 200k in student loans, but only make 30k a year because you can…

> You can pay back either 10% of your discretionary income, for 20 years and then the remaining balanced is forgiven (if a balance remains).

For federal subsidized loans, forgiveness of loans means that it comes out of taxpayer money.

For people talking about student loans as a bubble and wondering when it will pop and what that will look like, this is the most likely mechanism for that to happen.

This is a really serious principal-agent problem, because schools have only indirect incentives (at best) to make sure that their graduates are employed at rates which allow them to pay back those loans in full. On the other hand, the federal government is essentially incapable of denying people these loans as long as they meet the financial criteria.

In that light, it's not hard to see how tuitions have spiked, and student debt along with it. Schools are essentially incentivized to take out massive loans against their students, which amounts to another source of public funding for universities.

Re: The world needs at least 600M new jobs in the next decade for young people

#38

Post by digikata »

hueving wrote: post #11
maresca wrote: post #3

Student loan debt surpassed credit card and auto loan debt in the US last year. Many college grads graduate with large sums of debt and can't find relevant jobs. Since student loan debt isn't forgivable, it'll be interesting to see the effect of this over the next decade. I have a hunch that the next big market crash will be caused by student loan debt.

Student debt has been thought to be the next crash, but I'm not sure how unless the laws change. It's not dischargable in bankruptcy so it's not like you can walk away.

It's the next crash through a different vector - if the loans aren't dischargable, a large portion of the the economic activity that young people normally generate as they grow along their career path is now siphoned off to repaying loans. That's a low value use of the money to the rest of the economy. Maybe it doesn't end in a dramatic crash but an economic stagnation for as long as inflation is low (inflation being a side channel way of devaluing those loans...).

An interesting note: http://www.npr.org/sections/money/2015/09/05/437628996/episo...

Re: The world needs at least 600M new jobs in the next decade for young people

#39

Post by rndmind »

NoGravitas wrote: post #6

> The world needs at least 600 million new jobs in the next decade for young people Or, perhaps, the world needs to stop coupling basic human needs for subsistence and dignity to wage labour, and find some better way of doing things.

Well said, if only we had a huge body of the population that was idealistic, intelligent, motivated, and had enough free time to create new solutions and ideas.

Re: The world needs at least 600M new jobs in the next decade for young people

#40

Post by PKop »

jbrambleDC wrote: post #30
NoGravitas wrote: post #6

> The world needs at least 600 million new jobs in the next decade for young people Or, perhaps, the world needs to stop coupling basic human needs for subsistence and dignity to wage labour, and find some better way of doing things.

real shit

What's "real" about that platitude?
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