As springtime draws to a close, the college graduates of the class of 2019 stand ready to begin another chapter in pursuit of the American dream.
Their hard work has paid off, and they’re ready to enter the workforce as bright, young individuals set to tackle any problem and change America for the better. They’ve earned it, and America is glad to have the class of 2019 on board.
Like any other class, 2019 enters the labor force as free thinkers prepared to confront the challenges of tomorrow. This is thanks to having received an education from the American collegial system, one that millions of people cross oceans and continents to attend.
But what really sets the class of 2019 apart is that they have the great fortune of entering the workforce amid a resurgent American economy. The U.S. unemployment rate recently fell to 3.6 percent in April, what many economists consider to be full employment. While it’s certainly time for the class of 2019 to celebrate, graduates from a decade ago would caution them not to take today’s job market for granted.
Ten years ago, the unemployment rate was 8.9 percent. By June 2009, unemployment had risen to 9.5 percent. The federal unemployment rate peaked the following October at 10 percent, nearly triple what it is today.
The recession of 2007-09 killed job prospects, crushed the housing market, and plummeted consumer confidence. The heavy-handed government intervention that followed caused years of sluggish economic growth and delayed...
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