"But dad, Yale law isn't bad."
"Victoria, I just worry you stay unemployed. Wish you more like your brother Stanley. He general manager at Buc-ee."
Low unemployment rates are obfuscating a larger issue in the labor market today.
The recent strength in employment data has almost entirely been driven by unskilled jobs.
In fact, the employment-population ratio among people with less than high school diplomas has recently surged to all-time highs.
That is completely diverging from the same metric for workers with bachelorβs degrees and higher.
Even though we have nearly 2 job openings for each unemployed person, most of those jobs available are not high-paying jobs.