John Perilli: Pomp and Bad Circumstances

John Perilli: Pomp and Bad Circumstances

As another class of my fellow millennials graduates from high school and college, it’s important to remember just what kind of a swamp we’re in. Forty percent of recent college graduates hold jobs they’re overqualified for. Sixteen percent are in part-time jobs, and twelve percent are unemployed.

Flip a coin. That’s the chance, if you’re a recent grad, that you’ll find a job in your field: around 53 percent.

The recession may be over for some, but the most recent cohort of college graduates is still deep underwater. They’ve been sunk by an insidious––though not necessarily ill-meaning––combination of money-drunk financiers, idealistic parents, and zealous college administrators. So as the next round of commencement speakers encourages graduates to follow their dreams and be true to themselves, I’d like to convey a different message: Here’s how we climb out of the hole. Here’s how, in spite of lousy circumstances, we millennials can individually make the best of our situations.

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Schools: Apply Widely

Every college loves to feel special. If you’re a college-bound high school senior, or an aspiring graduate student, you’ve no doubt been fusilladed with glossy brochures, pristine pictures, and laundry lists of reasons why College X is the place to go. Many applicants also harbor a “dream school” that they will go through any lengths to attend.

This idea of uniqueness plays right into the colleges’ hands. I’m not saying that you shouldn’t apply to a school you want to go to, but if you have your heart set on one school, they can ring you up at a higher price without losing your attendance. There are thousands of colleges in the United States and millions of applicants, but by narrowing students down to one or only a few colleges, the schools can game the market. This is helped along by perceived differences in the quality of colleges (see every US News ranking ever), and absurd application supplements involving multiple extra essays.

Here’s how to avoid this: Diversify your palate. Apply widely. If you have a school in particular you’re eyeing, apply to other schools like it. This means that if you get multiple acceptances, you can pit the schools against each other on price and get a better deal. Going for public universities? Stay in state. Shooting for the Ivies? Hit ‘em all. Rather than let the colleges hold all the market power, take a bit for yourself. With student loan reform going nowhere and college prices sprinting well ahead of inflation, anything you can do to get a better deal counts.

Jobs: Do What You Value, and Have a Backup Plan

Of all pithy pieces of wisdom, there is maybe none more than revered than “do what you love.” If you have a job you love, the exhortation goes, then you’ll never work a day in your life.

This advice is certainly admirable, but it makes my inner economics major cringe. There is nothing wrong with having a passion, but this dictum is one of the chief reasons why so many dedicated musicians, artists and writers are out of work while some sectors, like tech companies, are actively hunting for employees. Your passions might speak to you on a profound level, but when it comes time to find a job, the market has the last word.

Instead, do what you value. If you value your passions so much that you’re willing to endure unemployment, then so be it, but for everyone else, there is nothing wrong with having an avocation or a minor on your degree. I play in holiday parades with many talented musicians, but not all of them play or even teach full-time. Some work in law, engineering, or even insurance. My point is: If millennials want to beat the odds, we need to be willing to roll with the punches. However, just because we work doesn’t mean we can’t dream.

Politics: Vote and Run for Office

I might have eschewed the traditional wisdom in my previous point, but this time I’m sticking with it. If you’re young, you should vote. No questions asked.

Don’t despair that you might not decide an election. Very few people will. But there is nothing more empowering than calling your representative and saying “hello, I’m a voter in your district, and here’s what I want.” In a state with such small districts, your elected officials will listen. This is beneficial not only on an individual but on a collective level. The reason big membership organizations like the AARP are so powerful is that their members vote en masse. Why shouldn’t young people be this powerful as well?

And while you’re at it, you should run for elected office. If you’re a registered voter in Rhode Island, chances are there’s a representative that is younger than you. State Representative Katherine Kazarian (D) of East Providence is 23, as is State Senator Nick Kettle (R) of Coventry.  And they’re both state officials––there are numerous local offices that have a lower barrier to entry. If you have any inclination at all, declare your candidacy: Chances are, there are experienced political operatives who are eager to help you.

Making the Best of It

There are many ways our state and federal governments could help aggrieved college graduates, such as student loan forgiveness and lowering interest rates. MINDSETTER™ Rob Horowitz points out a number of them in his column this week. But with tight budgets and an indifferent Congress, we millennials cannot count on change. We should strive for it where we can, but also work to improve our individual economic fortunes.

Countless members of the Class of 2014 will succeed, but many others, as a matter of statistical fact, will end up unemployed and debt-ridden. I only hope that, as a generation, we can take what advantages we can, and as a member of the Class of 2015 myself, that I am borne towards the land of hope and employment next year.

John Perilli is a native of Cumberland, RI and a rising senior at Brown University. He works for Magaziner for Treasurer. The opinions presented in this piece do not represent the opinions of any organizations John Perilli is affiliated with. You can follow John on Twitter @JohnPerilli