The situation remains bleak for recent college graduates. Class of 2013 grads average $35,200 in college-related debt. The unemployment rate remains high (7.6 percent), and the number of Americans working part-time jobs has jumped to 28 million. In fact, the second largest employer in the United States after Walmart is a temp agency.
In June, the number of Americans who wanted to work full-time, but were instead forced into part-time jobs, increased from 352,000 to over 8 million. According to Breitbart, almost two million Americans have left the labor force within the last year. Only 47 percent of Americans have a full-time job.
The interest rates on some federal student loans doubled to seven percent last Monday. This means that millions of college students taking out loans this fall will have a harder time paying back their loans after they graduate. According to one expert, students will face an increased loan payment of $18 to $24 per month on an average 10-year repayment term.
A majority of students are graduating with debt on their shoulders. This is not a sustainable trend. Coupled with unemployment, the increased debt burden on the youth could constitute the Achilles heal of this great nation.