73% of Jobs Created in Last 5 Months Have Been Government Jobs
The Mike Nichols film, The Graduate, slightly re-imagined:
Mr. McGuire: I just want to say two words to you. Just two words.
Benjamin: Yes, sir.
Mr. McGuire: Are you listening?
Benjamin: Yes, I am.
Mr. McGuire: Government employment
Benjamin: Exactly how do you mean?
Well, Benjamin, 73% of all jobs created in the last 5 months have been government jobs.
Seventy-three percent of the new civilian jobs created in the United States over the last five months are in government, according to official data published by the Bureau of Labor Statistics.
In June, a total of 142,415,000 people were employed in the U.S, according to the BLS, including 19,938,000 who were employed by federal, state and local governments.
By November, according to data BLS released today, the total number of people employed had climbed to 143,262,000, an overall increase of 847,000 in the six months since June.
In the same five-month period since June, the number of people employed by government increased by 621,000 to 20,559,000. These 621,000 new government jobs created in the last five months equal 73.3 percent of the 847,000 new jobs created overall.
This is our present and foreseeable future. If I were the parent of a college graduate thinking of getting a master's degree, I'd shoo him off to Georgetown or Harvard for an advanced degree in Public Administration.
Consider: The income of the average physician is going to drop substantially under Obamacare. Lawyers are a dime a dozen. Engineering degrees are fine, but who has the aptitude for that?
And an MBA? Maybe some brokerage house will hire your kid as a runner or something. Unless he or she is Ivy League, forget about it.