Matt Yglesias points to a chart showing unemployment of college grads the less-educated and explains why everyone who's anyone is out of touch:
Virtually every single member of congress, every senator, every Capitol Hill staffer, every White House advisor, every Fed governor, and every major political reporter is a college graduate. What’s more, we have a large amount of social segregation in the United States—college graduates tend to socialize with each other. And among college graduates, there simply isn’t an economic crisis in the United States. This is not the best of times, but it’s perfectly rational in gradland to be balancing concern about the labor market situation with dozens of other concerns.
The chart he presents is a mere snapshot from this table showing July 2010 college grad unemployment at 4.5% and high school grad unemployment 10.1%.
Back in the dark Bush years, unemployment for college grads peaked at 3.2% in 2003; it was roughly 2% in 2006-2007, reached 5% in December 2009, and is now 4.5%.
For high school grads, the early Bush peak unemployment was at 5.7% in 2003; it was roughly 4.4% in 2006-2007, reached 10.5% in December 2009, and is now 10.1%.
So, should college grads be feeling pain and fear? Compared to high school grads, no; compared to past recessions or the 2006-2007 period, yes.
BONUS ANGST: Run the figures for male and female unemployment to check out the mancession. In the July 2003 downturn, unemployment was 5.9% for men and 5.3% for women. In July 2010, it is 9.7% for men and 7.9% for women.
And the big new federal initiative lauded by Matt?
If you did anything, you’d probably step in to prevent teacher layoffs, which is a clear and present danger to a large bloc of college graduates. But beyond that, no need to panic.
Yeah, that'll help the guys...