The War on the Young: Job Markets

A piece at the WSJ describes how younger Americans are increasingly taking jobs for which they seem overeducated. For example:

Dave Marshall, 23, earned a bachelor’s degree in sociology from the University of Florida in Gainesville last year, works in private security and is a reservist in the U.S. Army’s National Guard. “My education is almost irrelevant in the private security field,” he says, “but it’s a job.”

What’s the cause of this job mismatch? One reason is highlighted:

The jobs that once went to recent college graduates are now more often going to older Americans. Over the past year, workers over 55 accounted for 58% of employment growth, says Dean Baker, a co-director of the Center for Economic and Policy Research, a nonprofit think tank in Washington, D.C. Why? Employers think older workers are a safer bet and more likely to stay, he says. Unemployment hovered at 6.2% in July for workers over 55, according to the Labor Department, but was more than double that rate — 12.7% — for those ages 18 to 29.

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