The PhD Bubble Has Burst: Graduating 'Doctors' Are Having Trouble Finding Work

[rangerrebew]

The PhD Bubble Has Burst: Graduating 'Doctors' Are Having Trouble Finding Work
Tyler Durden's picture
by Tyler Durden - Jun 19, 2016 12:20 PM
 

Spending nearly a decade in college, racking up significant amounts of debt, and emerging with that coveted PhD designation isn't what it used to be... in fact it is safe to say the PhD bubble has burst.

The percentage of new doctorate recipients without jobs or plans for future study climbed to 39% in 2014, up from 31% in 2009 according to a National Science Foundation survey. Those graduating with doctorates in the US climbed 28% in the decade ending in 2014 to an all-time high of 54,070, but the labor market - surprise surprise - has not been able to accommodate that growth. "The supply of PhD's has increased enormously and the demand in the labor market has increased but not nearly as fast. When you can import an international workforce or outsource research, you have a buyer's market" said Michael Teitelbaum, senior adviser to the Alfred P. Sloan Foundation.

Of course the labor market isn't able to accommodate those PhD's, unless of course their chosen concentration is bartending, which in that case would mean that opportunities are plentiful (although paying back those loans may pose a problem).

http://www.zerohedge.com/news/2016-06-19/phd-bubble-has-burst-graduating-doctors-are-having-trouble-finding-work

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[Henry Noel]

That's tragic. But anyone gifted enough and persistent enough to earn a PhD ought to be able to work himself up in any number of professions.

[hiram1950]

Of course the labor market isn't able to accommodate those PhD's, unless of course their chosen concentration is bartending, which in that case would mean that opportunities are plentiful (although paying back those loans may pose a problem).

I'm not sure about this. Some barkeeps make decent money, although the hours can be inconvenient. I know a couple people...now in their late thirties and early forties...who paid off college loans as barkeeps. One of them went on to become a restaurant manager after also working as a dishwasher and a waiter. He made decent money as a waiter, as well, although with that same evening shift problem.

[geronl]

That's tragic. But anyone gifted enough and persistent enough to earn a PhD ought to be able to work himself up in any number of professions.

PhD's in the Gender Dynamics of Basket Weaving is definitely worth 8 years and $112,000.

lol

[Free Vulcan]

So many PhD's since the 80's have been in BS social sciences and such that this is no surprise. Have known and known of so many over the years who were academic smart but had no ability to make it outside the academic setting.

As the joke in our circles run, PhD stands for Piled high and Deep.

[Mechanicos]

PhD's in the Gender Dynamics of Basket Weaving is definitely worth 8 years and $112,000.

lol

You hit it on the nose. In college the joke was "what does a liberal arts' graduate with a Phd say?" Would you like fries with your burger, sir?" 

[geronl]

You hit it on the nose. In college the joke was "what does a liberal arts' graduate with a Phd say?" Would you like fries with your burger, sir?"

It should be a part of getting a "college loan" to list your major, the job prospects and salary potential so that loan risk can be taken into account. A lot of these college loans are just bad investments (and these days that unfortunately means to the taxpayer)