Members of the class of 2011 are not doing fine, will not be doing fine when they receive their degrees, and will likely face depressed wages for the rest of their professional lives. Regarding the latter, generations who take entry-level jobs in downturns are usually doomed to long-term constraints on compensation.
Two the members of the Class of 2011 share their despair on Baselinescenario.com. They are Mark Paul and Anastasia Wilson. Of course, this published commentary, which already has attracted 133 comments, could actually lead to jobs.
Making a job, rather than wasting their time looking for one, is the only way the lion's share of Generation Y will earn a living.
As Paul and Wilson point out, unemployment in their age bracket stands at 24.7 percent. Student loan debt averages about $23,200. And their generation inherits the financial responsibility for keeping Medicare and Social Security going.
In addition to creating jobs for themselves, something Scott Gerber hammers into Generation Y, here are some other tips for surviving, then thriving:
- Return to communal living. Not only is the old boarding house type of lodging cheap, it produces a useful network. Patti Smith hung her hat at the Chelsea Hotel. The rest is history.
- Be 100 percent opportunistic. It's a waste of your youth trying to find a fit in the marketplace for your major. Does your neighborhood need a hot dog stand? Soon enough you could be commanding a franchise of them throughout your city.
- Make a buck off the pain. Creatives like Ivana Lowell always understood how marketable pain is, if you can frame it as a compelling experience. Lowell's book, 'Why Not Say What Happened?,' about unusual suffering was reviewed last Sunday in The New York Times. What about a documentary about getting the rug pulled from under you?