Contrary to Obama's political rhetoric, more taxpayer spending to send more students to college will not reduce unemployment or improve the economy. It's just Obama's way of finagling the unemployment statistics by listing young people as students instead of as unemployed.
A report by the Federal Reserve Bank of Cleveland confirmed that when it comes to long-term unemployment, the length of unemployment is unrelated to education level. Although employment is higher for people with more years of education, the duration of unemployment is the same for all education levels.
A new phrase is now commonly included in job ads for all kinds of positions: "must be currently employed." Charts from the Bureau of Labor Statistics show remarkably parallel lines for the duration of unemployment of Americans age 25 and older who have less than a high school diploma, only a high school diploma, some college, or a college degree.
The Obama Administration continues to propagate the falsehood that solving the unemployment problem requires "more investments in education." Investment is a favorite liberal code word for more spending and higher taxes.
As globalization spread and was touted by the elites as the wave of the future, conventional wisdom was that only blue-collar manufacturing jobs would be sent overseas while college grads were safe. That assumption is now obsolete, as computers and telecommunications have made it possible to offshore the jobs of college-educated employees.
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