Long-term unemployment is at an all-time high and a large share of those out of work have college degrees. In the rapidly changing economy, a college education is no longer a guarantee of a job. One reason for this is that the number of college graduates has steadily risen over the decades. Higher pay may also be a factor as college graduates are generally more reluctant to accept lower-paying work.
See "Long-Term Jobless Find a Degree Just Isn't Working", Nicholas Riccardi, Los Angeles Times, March 10, 2005