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Continued success for Obama's policy of permanently high DISemployment

1 in 2 new graduates are jobless or underemployed.

Well, so much for "education is the key."

Historically, a highly educated youth cohort without work and with nothing to lose does not bode well for your typical ancien regime. The failure of the ruling elite to see this* reflects, I'm guessing, the same sort of "It's different this time" mentality that gives rise to bubbles.

Before somebody says -- as the article says -- that's it's only the English majors who are out of work, and that if they'd been smart and gone into fields that are in demand, like financial engineering or the provision of negotiable affection ("the service economy") they would have been better off, consider that the value, the social utility of education is to be sought not at the level of the firm** but at the level of an entire society or political unit. As I never tire of repeating, the largest donor to the University of Maine is Stephen King, who comes from the much maligned and distinctly unbusiness-like English Department.

NOTE * I don't think they see it. We're not seeing the sort of propaganda that would tell us that. So, in this case, stupid and not evil.

NOTE ** Firms would like to turn universities into vocational-technical schools because that creates a barrier to entry, by discouraging the new firms that would come to be if universities fostered creativity in the form of education as opposed to training.

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