College students are graduating into one of the worst recessions in history with high unemployment and lower earnings compared to those who graduated in previous years. The current unemployment rate is 8%, compared to what the natural rate of unemployment should be at around 5%. And youth unemployment for ages 16-24 is even worse at 13.5%, according to the U.S. Bureau of Labor Statistics.
Plus, with the unprecedented mass layoffs and hiring freezes for companies across the country, students will likely be competing with candidates with more work experience. Some industries, like restaurants, tourism and hospitality have been upended — graduates may be forced to pivot from their dream jobs to something more realistic.
“I believe the president should consider an expansionary fiscal policy and increase government spending, resulting in higher employment,” Centry said.
It’s going to be difficult for many students to get a job after graduation and within months, their student loans are going to start coming due. They’ll need a job and access to health care. They’ve witnessed so much racial injustice and inequality and they’re outraged. They want to know that they have a leader who will help improve the economy they are graduating into and make it a place of opportunity not just for a select few but for everyone.
“My biggest concern going into 2021 is not having the leadership in office that will protect all women and their choices, advance communities of color by dismantling disparities and injustices, grow the economy, and propel America forward,” Bryant said.
Disclosure: NBCUniversal and Comcast Ventures are investors in Acorns.