It's the Cost of Living, Stupid

The New York Times seems mystified by the phenomena, growing in recent years, of recent college grads choosing high-paying corporate jobs over careers in public service or nonprofits.

"As Adam M. Guren, a new Harvard graduate who will be pursuing his doctorate in economics, put it, “A lot of students have been asking the question: ‘We came to Harvard as freshmen to change the world, and we’re leaving to become investment bankers — why is this?’ ”

Is there really any other option? Jobs in public service don't pay enough for the average college grad to pay the rent, pay off sky-rocketing student loans, save for retirement, or put a down-payment on a home. Throw in kids and the frightening possibility of having to cover one's own medical expenses, and it's really not too difficult to explain why college grads are seeking refuge in high-paying careers as consultants. Put simply, they have no viable financial alternative. Gone are the days when a career in public service was not only admirable, but afforded one a middle-class lifestyle. Sadly, these days the American Dream simply costs too much.