Results 1 to 21 of 21
  1. #1
    Join Date
    Nov 2003
    Location
    Amidst several dimensions
    Posts
    4,321

    * The professional middle class bubble is bursting

    http://www.theglobeandmail.com/news/...rticle2416390/

    If you’re a smart kid who wants to work hard and do well, one path to success has always been clear. You went to university, then chose a high-status profession and got your ticket punched. Law and medicine were tops. Six-figure incomes, nice houses and private ski clubs were all but guaranteed. If you were less bookish but had good sales skills, you could go into real estate, rack up huge commissions in a booming market and buy yourself a shiny BMW in no time.

    Those days are over. The Great Reset has hit the professional classes too. Young professionals are facing a painful double squeeze. The cost of a degree has gone way up, and the economic benefit it confers has gone way down. Think twice before you encourage your daughter to go to law or med school, especially if she’ll have to borrow heavily to do it. On top of that, these young professionals are starting their working lives later than ever before. By the time they are credentialed and hit the work force, they’re in their early 30s.

    “There’s a real disconnect between the perception and the reality,” says one senior lawyer. “You have to be pretty creative when you’re thinking of law as a career choice.” Translation: If you think you’re going to land a $100,000 starting job on Bay Street, you’d better have Plan B. It’s more realistic to aim for association or government work – where salaries are a lot lower. (By the way, you’ll have to do your articling in Sudbury.) And even if you start out in the big time, the ladder to partnership is being pulled up. These days, it can take 10 years to become an equity partner in a major firm – if you make it. Most don’t.

  2. #2
    Join Date
    Nov 2007
    Location
    Dallas, TX
    Posts
    8,824
    I agree that salaries/opportunities in law are significantly down.

    Medicine, however, still seems to be going strong.

    -mike
    Mike G. - Limestone Networks - Account Specialist
    Cloud, Dedicated & Enterprise Hosting - Premium Network - Passionate Support
    DDoS Protection Available - Resell Dedicated Servers @LimestoneInc - 877.586.0555

  3. #3
    Join Date
    May 2006
    Location
    San Francisco
    Posts
    7,197
    Quote Originally Posted by Mike - Limestone View Post

    Medicine, however, still seems to be going strong.

    -mike
    And computer science/engineering fields. Finance is still hot as well.

  4. #4
    Join Date
    May 2002
    Location
    Kingston, Ontario
    Posts
    1,573
    Quote Originally Posted by Mike - Limestone View Post
    I agree that salaries/opportunities in law are significantly down.

    Medicine, however, still seems to be going strong.

    -mike
    Baby boomers are only getting older.
    Upload Guardian 2 - Malicious Upload Scanner - Windows and Linux!
    Instantly scan uploaded files
    Get notified when released

  5. #5
    Join Date
    Nov 2007
    Location
    Dallas, TX
    Posts
    8,824
    Quote Originally Posted by Ramprage View Post
    Baby boomers are only getting older.
    And apparently not significantly litigious.

    -mike
    Mike G. - Limestone Networks - Account Specialist
    Cloud, Dedicated & Enterprise Hosting - Premium Network - Passionate Support
    DDoS Protection Available - Resell Dedicated Servers @LimestoneInc - 877.586.0555

  6. #6
    If I had to do it all over, I would do something in the medical field. Then maybe consider computer stuff.

  7. #7
    Join Date
    Jul 2004
    Posts
    2,361
    Quote Originally Posted by Orien View Post
    And computer science/engineering fields. Finance is still hot as well.
    What happens when Watson does to finance?

    I believe Computer science and engineering will continue to thrive. Finance will hold strong, but mundane tasks like accounting or underwriting will be automated.

    Citibank just hired Watson.

    Even in medicine, mundane tasks like analysing x-rays which was outsourced to India will be insourced back to computer image analysis.

  8. #8
    Join Date
    Nov 2003
    Location
    Amidst several dimensions
    Posts
    4,321
    Quote Originally Posted by Mike - Limestone View Post
    I agree that salaries/opportunities in law are significantly down.

    Medicine, however, still seems to be going strong.

    -mike
    i guess you havent read the full article.

    it explains that medicine entrees are joining workforce around early 30s at least, and 180,000 in debt.

    moreover, due to old doctors not retiring and governments cutting back on healthcare, less and less positions are opening.

    but its inherent capitalist mechanic - eventually it would reduce and reduce everything. more profits, less jobs.

    in the end no field can be immune to the same effect. its a systemic mechanism.

  9. #9
    Even internship at law firms pay like 100,000+... >.>
    Clearly the bubble didn't burst there yet.
    I have no sig to spam.

  10. #10
    Join Date
    Nov 2003
    Location
    Amidst several dimensions
    Posts
    4,321
    Quote Originally Posted by Grumps View Post
    Even internship at law firms pay like 100,000+... >.>
    Clearly the bubble didn't burst there yet.
    depends on the firm and if you can make it. most apparently dont.

    do you people read articles fully even ? check it out.

  11. #11
    Quote Originally Posted by unity100 View Post
    depends on the firm and if you can make it. most apparently dont.

    do you people read articles fully even ? check it out.
    I read your excerpt. (edit: now skimmed article. lol)

    I know what they're saying. I'm still feeling the new rates of "out of university debt" personally quite well. I myself paid roughly 100k in tuition. Jobs are harder to actually land as well.

    But just saying. With salaries as is in law firms and few other industries, graduating and making a 6 figure salary isn't just a dream.
    100k for a intern at a law firm isn't even considered a prestigious one. It's like below avg... Even if you don't make the cream of the crop, you aren't exactly future-less. The article rather over-exaggerates imo.
    I have no sig to spam.

  12. #12
    Join Date
    Sep 2002
    Location
    Among the corn
    Posts
    10,648
    Quote Originally Posted by Grumps View Post
    The article rather over-exaggerates imo.
    As does unity, quite often.
    I will admit that the middle class is dropping a bit, but that's only natural. We're going through a worldwide monetary crisis. Those with money will rightly hold on to it. Those without it (middle, poor class) will lose it unless they adapt and adjust.

  13. #13
    Join Date
    Nov 2009
    Location
    /etc/my.cnf
    Posts
    9,898
    Quote Originally Posted by unity100 View Post
    Those days are over.
    And they have been over for us lot here in the UK for the good part of 10 years (Since we first got involded with war, etc)

    Its costs us millions of pounds for basicly nothing, We're no closer to ending the rubbish over their than we first started...

  14. #14
    Join Date
    Sep 2002
    Location
    Among the corn
    Posts
    10,648
    Quote Originally Posted by cd/home View Post
    And they have been over for us lot here in the UK for the good part of 10 years (Since we first got involded with war, etc)

    Its costs us millions of pounds for basicly nothing, We're no closer to ending the rubbish over their than we first started...
    Didn't you guys leave that war before Obama came in?
    Not saying that you're wrong mind you, you're right. That war pretty much cost everyone involved a ton of cash for no gain.

  15. #15
    Join Date
    Nov 2003
    Location
    Amidst several dimensions
    Posts
    4,321
    Quote Originally Posted by Grumps View Post
    I read your excerpt. (edit: now skimmed article. lol)

    I know what they're saying. I'm still feeling the new rates of "out of university debt" personally quite well. I myself paid roughly 100k in tuition. Jobs are harder to actually land as well.

    But just saying. With salaries as is in law firms and few other industries, graduating and making a 6 figure salary isn't just a dream.
    100k for a intern at a law firm isn't even considered a prestigious one. It's like below avg... Even if you don't make the cream of the crop, you aren't exactly future-less. The article rather over-exaggerates imo.
    give 5 years and you wont even see the numbers you are rarely seeing now. it is always like that.

    millions of new students all will push to that field since others have shrunk.

    and since jobs are declining in general, and population is growing, that is the eventual result in whichever geographical locale you go.


    Quote Originally Posted by linux-tech View Post
    As does unity, quite often.
    you think. after you live through life a while more, and see as much as unity, you will think a whole lot different.

    I will admit that the middle class is dropping a bit, but that's only natural.
    irrelevant. even circa 2005 middle class was a measly 10% even in usa.

    ill let you in on the reason - its engineering. the more you optimize systems, the less manpower you need in all kinds of systems. from manufacturing to law, from i.t. to psychology. it does not matter what is the field.

    my education has been on a field which seeks to improve the efficiency of all kinds of systems, reducing the costs and therefore manpower too.

    Those without it (middle, poor class) will lose it unless they adapt and adjust.
    yes. they should adapt to working double time in minimum wage jobs (ooops - they want to abolish minimum wage too !) while also making their kids work in part time jobs and eat basically **** to live.

    all the while, the people in wall street water ski behind 7 yachts, and those who hold their leash decide their future with that middle class's hard earned, but not given money.

  16. #16
    Join Date
    Nov 2009
    Location
    /etc/my.cnf
    Posts
    9,898
    Quote Originally Posted by linux-tech View Post
    Didn't you guys leave that war before Obama came in?
    Not saying that you're wrong mind you, you're right. That war pretty much cost everyone involved a ton of cash for no gain.
    We're still out their I think total plan for withdrawal for both US & UK forces is 2015.

    But our government is talking about us withdrawing before 2015 as early as 2013

  17. #17
    Join Date
    Nov 2007
    Location
    Dallas, TX
    Posts
    8,824
    Quote Originally Posted by unity100 View Post
    i guess you havent read the full article.

    it explains that medicine entrees are joining workforce around early 30s at least, and 180,000 in debt.
    I read the article.

    Medicine has its downsides, but it is still very lucrative. Most of my MD friends have specialized and are earning low-ish-to-mid-ish six figures.

    Medicine is not perfect, but it is definitely doing *far better* than law. All of my recent grad MD friends are fairly quickly paying off their student loan debt and living pretty well; my recent grad lawyer friends are without work.

    I would simply strongly disagree that medicine is hurting as a career, at least in the U.S..

    Edit: Specialization is really key. A primary care doctor is definitely not going to do as well typically.

    -mike
    Mike G. - Limestone Networks - Account Specialist
    Cloud, Dedicated & Enterprise Hosting - Premium Network - Passionate Support
    DDoS Protection Available - Resell Dedicated Servers @LimestoneInc - 877.586.0555

  18. #18
    Join Date
    Jul 2004
    Posts
    2,361
    No way medicine is not a good career choice. Even within medicine, there are so many specilizations. Genome and bio-statisticians are paid handsomely.

  19. #19
    Join Date
    Sep 2002
    Location
    Among the corn
    Posts
    10,648
    Quote Originally Posted by Mike - Limestone View Post
    I would simply strongly disagree that medicine is hurting as a career, at least in the U.S..
    Absolutely correct
    Take a look at the rate the end customer pays (even with insurance) for medical services. This hasn't gone DOWN, it's gone UP since the insurance bailout bill was passed.
    There's no doubt, the medical profession is the next 'lawyer' field, with insanely high salaries. If it's not there now, it will be in just a few years.

  20. #20
    CS is really good if you are near silicon valley.
    GlumboUploads - File hosting without wait-times or CAPTCHAs
    RichPeopleThings - Blog about rich people and luxury items

  21. #21
    Join Date
    Nov 2003
    Location
    Amidst several dimensions
    Posts
    4,321
    Quote Originally Posted by Mike - Limestone View Post
    I read the article.

    Medicine has its downsides, but it is still very lucrative. Most of my MD friends have specialized and are earning low-ish-to-mid-ish six figures.

    Medicine is not perfect, but it is definitely doing *far better* than law. All of my recent grad MD friends are fairly quickly paying off their student loan debt and living pretty well; my recent grad lawyer friends are without work.

    I would simply strongly disagree that medicine is hurting as a career, at least in the U.S..

    Edit: Specialization is really key. A primary care doctor is definitely not going to do as well typically.

    -mike
    the article talks about the trends. not current situation.

  22. Newsletters

    Subscribe Now & Get The WHT Quick Start Guide!

Similar Threads

  1. Bush invented Second Hand Smoke to kill off the middle class!
    By Kiamori in forum Web Hosting Lounge
    Replies: 5
    Last Post: 08-23-2007, 08:15 AM
  2. Replies: 3
    Last Post: 02-08-2005, 09:02 AM
  3. The bubble may be about to burst
    By GordonH in forum Running a Web Hosting Business
    Replies: 10
    Last Post: 04-01-2004, 03:56 AM
  4. Good middle-class Switch.....recommendations?
    By WebmastTroy in forum Hosting Security and Technology
    Replies: 3
    Last Post: 06-16-2003, 11:40 AM

Related Posts from theWHIR.com

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •