As capitalism continues to squeeze workers, a new study indicates most are having to settle for crumbs in an era of immense wealth for the rich.
According to research from the Center for College Affordability and Productivity, nearly half of people in the U.S. are working in jobs for which they are overqualified. The center says such a trend is only likely to continue and, in fact, grow.
Workers in the United States are becoming more educated, but their earnings are declining. Those whose highest college degree was a bachelor’s grew 25 percent from 2002 to 2012, to 41 million people, while those with associate’s degrees increased 31 percent. Those who earned a master’s or doctorate grew most, by 45 percent and 43 percent respectively.
However, though pay for college graduates tends to be higher, Labor Department data hints that the number of college graduates in the workforce is about 41.7 million people while the number of jobs requiring a degree is around 28.6 million.
As a result, many young people who seek advanced schooling a in hopes of a career, a new life and a brighter future are often faced with low-wage jobs and shaky work lives. Many go deeply into debt to pursue that dream, and have little choice but to take low-wage jobs to pay back loans.
Capitalism permits and even celebrates corporations increasing profits at the expense of human need, while vast amounts of human potential is wasted. Such an abusive system must go.
