The state of the economy is a well-known story these days and the unemployment rate is just one indicator of the trouble.  Unemployment rates linger around 8.3 percent (as reported by the Bureau of Labor Statistics [BLS] on March 9 for February 2012).  The number of long-term unemployed (classified as those unemployed for 27 weeks or more) remained unchanged in February, hovering at 5.4 million people (approximately 43 percent of the total unemployed).  The statistics related to unemployment among America’s veterans, however, are especially troubling. 

According to a March 20 report from the BLS, for those veterans serving active-duty since 2001 (known as the Gulf War-era II veterans) the unemployment rate was 12.1 percent in 2011.  The jobless rate for all veterans was 8.3 percent, comparable to that of the US population as a whole.   The BLS report points out that 26 percent of Gulf War-era II veterans reported a service related disability in August 2011 while only 14 percent of all veterans reported the same.  There can be little doubt from these statistics that America’s bravest men and women, those who were willing to make the ultimate sacrifice for the nation’s safety, have come home to a bleak employment situation. 

Unemployment among veterans has been a persistent problem.  In a 1972 report of the National Advisory Council on Vocational Education, Chairman Lawrence Davenport encouraged “an all-out national effort” to address the “crisis” of unemployment among returning Vietnam veterans (during a time of otherwise relatively high general unemployment).  In another era of high unemployment, America’s veterans are returning home to face seemingly insurmountable obstacles in finding meaningful employment.  It is encouraging, however, to see that some organizations are taking this collective responsibility as their own and working to make a difference in the lives of our military men and women and their families. 

On March 21, Aon and Wounded Warrior Project hosted their 4th Annual Salute to America’s Wounded Warriors at the Sheraton National Hotel in Arlington, Virginia.  Approximately 45 wounded veterans had the opportunity to meet with recruiters from more than 60 companies with open positions and a commitment to supporting the nation’s veterans.  In addition to the veterans in attendance, a handful of military spouses also participated.  Without question, military spouses and families make a tremendous sacrifice as well as their loved one in uniform and we should support their achievement as well.  While I was not at this event, I asked several American Public University System (APUS) recruiters and staff to participate.  They reported back that they were impressed by the high quality of the candidates they met. 

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Today’s higher education environment vis-à-vis the national economic situation has ignited a debate over whether a college degree is worth the cost.  Significant budget cuts in many states have meant that colleges are raising tuitions, increasing fees, and offering less in scholarship money to students.  Few students had enough money saved to pay for college prior to the economic downturn which has had a catastrophic impact on many schools (see my daily headline postings and links in the “Impact of the Economy on Higher Education” section of my blog for some examples).  With less money allotted for scholarships, work study programs, and higher tuitions and fees, more students than ever before are incurring large debts to pay for their college educations.  The current unemployment rate stands at 9.1 percent and recent college graduates are reporting extreme difficulties in finding a job.  All of these factors have combined to fuel the debate over whether college is as invaluable as once believed or not valuable at all given recent economic realities.

Within only a couple months of taking office, President Obama announced his goal to increase the national college graduation rate which is woefully low (40.4 percent, according to statistics from the College Board) compared to those of other nations including Japan (53.7 percent), Russia (55.5 percent), and Canada (55.8 percent).  One of the main initiatives associated with President Obama’s plan to boost college graduation rates included a proposal to provide $12 billion in funding to US community colleges over a ten year period.  Per the President’s plan, however, these funds would be for use in improving programs, courses, and facilities; not, in other words, to assist students in paying for their degrees at these schools.  Obama also told community colleges that he would like to see them play a more active role in creating jobs while simultaneously graduating five million more students than current rates by the year 2020. 

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Just last month, APUS honored some 2,800 students who successfully completed their degree programs.  The ceremony was a very nice one and the excitement of the students who attended was obvious.  Fast on the heels of such exuberance, however, is the daunting task of locating jobs for those who were not already employed as many of our students are.  Across the nation, many recent college graduates are finding it increasingly difficult to find a job.

The global economic crisis is certainly no secret.  It has remained one of the most prominent headlines in American newspapers and on news programs for at least the last couple of years.  As recent college graduates are finding out, the economic crisis is having a dramatic effect on companies and entire industries in which many were hoping to find jobs after graduating.

In April, the most recent month for which data is available, the Bureau of Labor Statistics reported that the unemployment rate rose from 8.5 percent to 8.9 percent, increasing the number of unemployed persons in the United States to 13.7 million.  As companies find themselves struggling to meet the financial restraints placed on them by a dwindling economy, many have announced significant layoffs in recent months.  As the New York Times reported in a January 27 article, 62,000 jobs were cut by U.S. and foreign companies on January 26 alone.  Some of the most significant layoffs occurred at Caterpillar (20,000 jobs lost), Sprint Nextel (8,000 jobs lost), and Texas Instruments (3,400 jobs lost).  Interestingly, the article predicted that the unemployment rate would peak at 8.3 percent by 2010.  Considering April’s unemployment numbers, it is easy to see that the economic downturn has taken its toll on employment and will likely continue to do so for some time.

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