One comment that people often repeat among the years of slow job growth has been the value of education for landing a job and advancing in a career. April’s national unemployment rate stood at 7.5%, according to the Labor Department. The unemployment rate for high-school graduates over 25 years old who hadn’t attended college was 7.4%, compared with 3.9% for those with a bachelor’s degree or more education. The difference is even bigger among those aged 16-24. The jobless rate for those with only a high school diploma in that age group is about 20%. At the same time, recent research by Canadian economists warns that a college degree is no guarantee of promising employment.
Ms. Sawhill pointed out that among the aspects that affect the value of a college education is the field of one’s major: students in engineering or other sciences end up earning more than those who major in the arts or education. The cost of tuition and the availability of financial aid are other considerations, with public institutions generally a better financial bargain than private ones.
She suggested two ways of improving the situation: increasing vocational-technical(职业技能) training programs and taking a page from Europe’s focus on early education rather than post-secondary learning. “The European countries put a little more attention to getting people prepared in the primary grades,” she said. “Then they have a higher requirement for whoever goes to college—but once you get into college, you’re more likely to be highly subsidized(资助).”
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