The Class of 2015 Isn’t Ready to Join the Workforce
The improving economy means that more employers are offering decent jobs to the Class of 2015, but many of those new graduates don’t feel ready to join the working world.
Only 35 percent of students believe that college was effective in preparing them for a job, and even fewer — 20 percent — feel very prepared to enter the workforce, according to the 2015 Workforce Readiness Survey by McGraw Hill Education.
More than half of students surveyed said they never learned to write a resume in college or how to conduct themselves in a job interview. Nearly 60 percent said they didn’t know how to network or search for a job.
Related: Why the Class of 2015 May Actually Get Good Jobs
The job market has loosened up this year — employers expect to hire nearly 10 percent more new college graduates this year than last year, according ot a study released last month by the National Association of Colleges and Employers. Still, the best gigs remain very competitive, and students who don’t know how to navigate the job search process may find themselves at a disadvantage.
Two-thirds of those surveyed said that they wanted to get more internships or professional experience while in school, and about 60 percent wanted more time to focus on career prep.
Colleges regularly tout their career services departments, but the students surveyed for this report gave those offices poor marks. Only a third thought that their school’s career services department was effective, and a quarter had never used career services.
Tax Refunds Rebound
Smaller refunds in the first few weeks of the current tax season were shaping up to be a political problem for Republicans, but new data from the IRS shows that the value of refund checks has snapped back and is now running 1.3 percent higher than last year. The average refund through February 23 last year was $3,103, while the average refund through February 22 of 2019 was $3,143 – a difference of $40. The chart below from J.P. Morgan shows how refunds performed over the last 3 years.
Number of the Day: $22 Trillion
The total national debt surpassed $22 trillion on Monday. Total public debt outstanding reached $22,012,840,891,685.32, to be exact. That figure is up by more than $1.3 trillion over the past 12 months and by more than $2 trillion since President Trump took office.
Chart of the Week: The Soaring Cost of Insulin
The cost of insulin used to treat Type 1 diabetes nearly doubled between 2012 and 2016, according to an analysis released this week by the Health Care Cost Institute. Researchers found that the average point-of-sale price increased “from $7.80 a day in 2012 to $15 a day in 2016 for someone using an average amount of insulin (60 units per day).” Annual spending per person on insulin rose from $2,864 to $5,705 over the five-year period. And by 2016, insulin costs accounted for nearly a third of all heath care spending for those with Type 1 diabetes (see the chart below), which rose from $12,467 in 2012 to $18,494.
Chart of the Day: Shutdown Hits Like a Hurricane
The partial government shutdown has hit the economy like a hurricane – and not just metaphorically. Analysts at the Committee for a Responsible Federal Budget said Tuesday that the shutdown has now cost the economy about $26 billion, close to the average cost of $27 billion per hurricane calculated by the Congressional Budget Office for storms striking the U.S. between 2000 and 2015. From an economic point of view, it’s basically “a self-imposed natural disaster,” CRFB said.
Chart of the Week: Lowering Medicare Drug Prices
The U.S. could save billions of dollars a year if Medicare were empowered to negotiate drug prices directly with pharmaceutical companies, according to a paper published by JAMA Internal Medicine earlier this week. Researchers compared the prices of the top 50 oral drugs in Medicare Part D to the prices for the same drugs at the Department of Veterans Affairs, which negotiates its own prices and uses a national formulary. They found that Medicare’s total spending was much higher than it would have been with VA pricing.
In 2016, for example, Medicare Part D spent $32.5 billion on the top 50 drugs but would have spent $18 billion if VA prices were in effect – or roughly 45 percent less. And the savings would likely be larger still, Axios’s Bob Herman said, since the study did not consider high-cost injectable drugs such as insulin.
