Education: Graduates and Jobs: A Grave New World

REMEMBER the college graduate of 1968? Standing there on commencement day with diploma in one hand and a bundle of job offers in the other? Seniors that June scarcely had to look for work. Their main problem seemed to be deciding which corporation offered the best opportunities, or which fellowship led to the most promising future.

Not any more. The recession may be just about over in the marketplace, but its effects linger on the nation's campuses. The largest graduating class in history—an educated army of 816,000—is entering America's certified credential society and learning to its sorrow that a degree...

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