Manhattan Buckeye wrote: I mean ZERO disrespect for the military or the folks that have served, but what does it say about the direction of our country when a few decades ago the military was a means to get to college, and now college is a means to get to the military?

Maybe I am missing something, but I don't see the trend of high school graduates going to college so they can go to the military.

Even if this were the case, do you feel that is a bad thing? Having educated personnel in the military?

I don't fault anyone for taking unemployment. You've paid for it, so you might as well take it. I'll certainly take it when the time comes. It's meant to be a short-term social insurance net, and it generally does that pretty well. It's not like welfare where you can stay on the rolls forever.

Re the job market, it's definitely rough right now. I had two friends who were "Lathamed" earlier this year (came out of law school with $150-200k debt, started at a top 10 firm, relied on the way things had been that they'd essentially make six figs for a few years at least, were subsequently laid off after four months with no prospect of finding work or paying back student loans). One friend landed on his feet with a small firm; the other has dropped off the map. I can't imagine trying to deal with $1500/mo. student loan payments without an income.

I'm keeping my fingers crossed and hoping the economy continues to pick back up. Hopefully we'll see the job market improving by Q2.

"Maybe I am missing something, but I don't see the trend of high school graduates going to college so they can go to the military. "

What you might be missing is the job market for college graduates is abysmal, the military is an attractive option. One of the things I liked about my sister-in-law's boyfriend (BTW his name is Christian QCB, LOL), is when I asked him about what the mood is on campus about the economy and what he thought about his future, his response was quick and to the point, "I'm glad I'm in college right now."

Smart kid.

This next few years the job market is going to be rough to say the least for a big reason that doesn't always jump out at people.

As of tomorrow, we are 365 days from the first wave of baby boomers turning 65 in 2011. Traditionally this was the age at which people can retire and begin collecting full Social Security Benefits (although I think for boomers born in 1946 and up it is age 66).

In the past this would have been a dream come true for fresh out of college job seekers optimistic about their prospects given the number of impending retirements.

What I think has gone un-talked about to a certain extent is the fact that we are going to start seeing a large number of boomers working into their 70's because quite frankly very few people can afford to retire right now given the financial devastation many people faced the past few years. People were banking on their homes as a retirement investment and as home prices have plummeted so have alot of people's net worth.

We have seen trillions of dollars of American wealth destroyed the past few years, and those in their 60's are going to have to keep working to try and earn some of it back.

There are still plenty of wealthy people who will be retiring, but I think that we are going to have a very over saturated labor market the next decade if for no other reason than we are having a steady stream of new entrants into the labor force without the traditional exiting from it we have been accustomed to seeing until recently. The combination of increased life expectancy's and the necessity for many to keep working means working until you're 70-72 may become the new norm instead of the aberration.

What that means for job seekers is increased competition and more bodies for roughly the same (maybe fewer) openings. It also puts downward price pressure on wages, as there is not the urgency to increase wages on the employers part when there is probably someone out there that would be more than willing to do the job for a smaller/same sized salary.

By no means am I inferring that this is the end of the world or won't be worked through, but I do think it is going to pose a challenge for the generation of college students who keep graduating with $30,000+ worth of debt out of college but limited opportunities to break into well paying careers because the old model of one generation retires and everyone moves up a rung has been put on hold for the forseeable future in much larger numbers than we have dealt with in the recent past.

It is not just college kids looking to break in, but that 40 year old with his eyes on moving into management that also has to wait because his boss has decided to keep working past the age in which he would have ordinarily retired.

I was just throwing general examples out there and my hypothesis may be way off base, but is anyone else noticing this type of thing happening at their own places of employment or in their own personal situation?

Very good post Iggypride. I have seen this happen where I work. There have been a number of employees who have worked past their retirement age. Some of them lost a sizable ammount in their 401k investments, and are trying to get some back. Some just aren't ready to retire yet for other reasons.

I echo royal_k's sentiments, again this may be a generational issue, it doesn't look good on the short side but we as a country have always managed to adapt.

I know about a half dozen people that can't find work

IggyPride00 wrote: This next few years the job market is going to be rough to say the least for a big reason that doesn't always jump out at people.

As of tomorrow, we are 365 days from the first wave of baby boomers turning 65 in 2011. Traditionally this was the age at which people can retire and begin collecting full Social Security Benefits (although I think for boomers born in 1946 and up it is age 66).

In the past this would have been a dream come true for fresh out of college job seekers optimistic about their prospects given the number of impending retirements.

What I think has gone un-talked about to a certain extent is the fact that we are going to start seeing a large number of boomers working into their 70's because quite frankly very few people can afford to retire right now given the financial devastation many people faced the past few years. People were banking on their homes as a retirement investment and as home prices have plummeted so have alot of people's net worth.

We have seen trillions of dollars of American wealth destroyed the past few years, and those in their 60's are going to have to keep working to try and earn some of it back.

There are still plenty of wealthy people who will be retiring, but I think that we are going to have a very over saturated labor market the next decade if for no other reason than we are having a steady stream of new entrants into the labor force without the traditional exiting from it we have been accustomed to seeing until recently. The combination of increased life expectancy's and the necessity for many to keep working means working until you're 70-72 may become the new norm instead of the aberration.

What that means for job seekers is increased competition and more bodies for roughly the same (maybe fewer) openings. It also puts downward price pressure on wages, as there is not the urgency to increase wages on the employers part when there is probably someone out there that would be more than willing to do the job for a smaller/same sized salary.

By no means am I inferring that this is the end of the world or won't be worked through, but I do think it is going to pose a challenge for the generation of college students who keep graduating with $30,000+ worth of debt out of college but limited opportunities to break into well paying careers because the old model of one generation retires and everyone moves up a rung has been put on hold for the forseeable future in much larger numbers than we have dealt with in the recent past.

It is not just college kids looking to break in, but that 40 year old with his eyes on moving into management that also has to wait because his boss has decided to keep working past the age in which he would have ordinarily retired.

I was just throwing general examples out there and my hypothesis may be way off base, but is anyone else noticing this type of thing happening at their own places of employment or in their own personal situation?

I dunno... My father is 59 and retired in August. He was worried he took too big of a hit on his investments, but now actually wishes he would have retired sooner.

I've been laid off since the end of April..i'll admit..I haven't even looked..just waiting around to see what happens. Rumors are after the beginning of the year..they will start calling us back..some have already..and I'm next in line to be called back in my department...I made decent money. Went from 800/wk down to 450/wk. So now that I'm drawing less on unemployment..I'm still able to pay my bills. Which is probably why I'm haven't been worried about looking for a job right now. I wasn't one of the ones that decided..oh..I make 800 a week..so I better spend 750 a week in bills. I lived below my means. Of course..now I'm glad I did. Now attending a welding school just to pass the time. Been a long year so far...that's for damn sure. Best of luck to everyone that's looking!

GoChiefs wrote: I've been laid off since the end of April..i'll admit..I haven't even looked..just waiting around to see what happens. Rumors are after the beginning of the year..they will start calling us back..some have already..and I'm next in line to be called back in my department...I made decent money. Went from 800/wk down to 450/wk. So now that I'm drawing less on unemployment..I'm still able to pay my bills. Which is probably why I'm haven't been worried about looking for a job right now. I wasn't one of the ones that decided..oh..I make 800 a week..so I better spend 750 a week in bills. I lived below my means. Of course..now I'm glad I did. Now attending a welding school just to pass the time. Been a long year so far...that's for damn sure. Best of luck to everyone that's looking!

See, you're one of the fortunate ones who does that. Not too many people do, or even know how.

I have a cousin, a miner, who is in debt up to his eyeballs. I seriously think that he believes that the mine owes his him job until retirement. Those days are gone.
If his mine shuts down next year (very REAL possibility) he'd be so far sunk that he'd never see the light of day, even with unemployment. There is no way he'd be able to keep up with his notes. He has no idea of how to live within his means. I fear that one day he's gonna find out.

"The Generation of Instant Gratification" at its finest.