Folks keep harping on these types of #'s but its all propaganda to scare people.
India is right there producing 1.5 million engineers per year as well.
Have y'all seen the state of India's infrastructure? Manufacturing? Start Up Scene? It's not like they don't literally need engineers to build bridges, clean up the Ganges, manufacture at home all the stuff they buy from Canada.
But according to the powers that be,
only 10-15% are employable.
So 150,000 "good" engineers, and 1,350,000 "bad" engineers.
And that's yearly! So you got 1.35M that graduated in 2024, 2023, 2022, 2021, 2020, 2019, 2018 - etc. That's in the backdrop of indian having 1.4 billion people.
Millions upon millions of people that got the training for decades, but aren't being snapped up by businesses. And the lucky relative few? They're usually not being paid in relation to the value they bring to the businesses that they work for. Especially the 10x employee.
The same thing happens in China and in the US and in Europe. China produces millions of STEM People, and the US and Europe produce tens/hundreds of thousands.
And by the design of the system, they do not work in the fields that they trained 17-20 years for.
I know LOTS of STEM people that are under-employed and in different fields than the studied in.
Low Key, a lot of college graduates everywhere are over educated for the jobs that they do.
The way that most academic fields work, is that there are only ever going to be 10-15% employable, because
Employers only ever want the 10-15% of people from the top.
The guys that are #'s 16-50% in their class, despite having the same education, are not getting the jobs at the same rate as the top 10-15, if they even get the jobs in the field. Is there really a difference between the A- student and the B+ student?
What this means is a massive waste in resources and human capital. Conservatively 75% of all these resources are wasted.
The thing is, if the universities started to cap the # of STEM students, or failed them out as Freshman letting them choose something else - the businesses would still only take the top 10%. 1000 engineers would turn to a 100. 500 engineers turns to 50.
But what if we taught these people how to open their own businesses, taught them to be self employed, taught them to cooperate and build their own thing, instead of going to Google or Exxon or Tata Motors?
What if we designed all of the curriculum from the ground up (from pre-school to phd) to create people that can create their OWN job?
Is it possible to that the society can explicitly train people for 20+ years in something that they could actually take to the marketplace?
I think it is.
Yet I've never seen any one anywhere suggest anything other than a taking the 10% cream off of the top.
They say not everyone is cut out to be an entrepreneur, but the typical average in the US is 160 entrepreneurs for every 10,000 workers. 1.6%
If we explicitly trained all 10,000 workers in every field, from history to botany - on how to find problems, create solutions, test markets, market themselves, build systems, hire others - that ratio 1.6% would increase substantially.
Just doubling that 3.2% would increase the demand for
employees. It would actually put a dent in the # of under-employed and over-educated people out there.