As New York Times columnist Paul Krugman pointed out in his April 29 op-ed "Wasting Our Minds," the unemployment rate among young Americans under 25 is low—16.5 percent—but only when compared with places like Ireland or Spain, where those same figures soar as high as thirty and fifty percent, respectively.
Certainly, the job market has seen better days, and the GOP's unqualified excitement over austerity measures that include decreases in financial aid funding and lower tax rates for corporations (but not for our poorest citizens) is not helping.
At the tail-end of spring break, I received a job offer, one I am truly excited and passionate about. But I vacillated for a number of days, determined to weigh all the pros and cons before I accepted the position.
Two days into the process, the Sunday New York Times arrived, along with the magazine, which contained an article titled "Hello, Cruel World" with the subheading "What the Fate of One Class of 2011 Says About the Job Market."
The stores in the article were not encouraging. One young woman, among those more fortunate in their job searches, dreamt of writing an ethnography, but found employment at her father's consulting firm, a choice Mitt Romney—who just last week encouraged would-be entrepreneurs to borrow money from their parents—would be proud of.
I don't disparage this woman for her new job and financial security, but it is certainly not an option available to most graduates entering the current job market.
Even more upsetting was a Drew University alumna who is at risk for loan default. Her minimum-wage job prevents her from paying off borrowed funds, and her parents—who co-signed the loans—are also unable to make payments.
These aren't just anecdotal tales. They're indicative of a real economic environment in which qualified, well-educated individuals are struggling to find any kind of work. Krugman points out that income lost in the early years of one's working life is never fully regained; earnings remain depressed for life.
Bowdoin students and graduates are uniquely positioned and find themselves in an above-average employment market, thanks largely to our well-connected alumni and our reputation as one of the best colleges in the country.
Our financial aid office's no-loan policy is advantageous as well: any federal loans taken in addition to Bowdoin grants are at the very most supplementary, even if they are substantial.
But our leaders need to recognize the need for comprehensive measures to support the future tax base of America.
Cutting spending on Pell grants—costing one million students their funding—isn't a smart investment in our nation's future. Neither are larger tax breaks for corporations, a fact we should have gleaned from the economic crisis in Ireland.
The Heritage Foundation used to praise Ireland as a bastion of "economic freedom" before it all went to pot for those very same reasons. Harsh austerity measures intended to reverse the debt crisis received similar praise before 30 percent of Ireland's young work force was unemployed.
For whatever reason, those who support the tenets of Paul Ryan's budget plan—which include Pell grant defunding and the increased corporate tax break—see the economic crisis in hopelessly myopic terms. More money to bigger corporate conglomerates hasn't created jobs, and it will not in the future.
As an almost-graduate whose friends are seeking employment, and whose job security is not permanently assured, I need funds funneled toward the social programs that will ease the dire situation of the job market.
"Take a shot, go for it, take a risk, get the education, borrow money if you have to from your parents, start a business."
Thanks for the advice, Mitt. But I'm just trying to pay the rent.
Caitlin Hurwit is a member of the Class of 2012.