Let me explain this in simple words:
People lost their jobs. More people chasing fewer jobs, without money decreasing, means more people of out jobs. Eventually this will get better. The legal place will eventually get better and jobs will exist for all. They may not be as good as they were before but they will exist for all.
Not having a job hurts. It hurts people without jobs because they don't have pay and it also makes them less valuable the longer they don't have a job. Eventually the [surplus army of labor -- I had to get in a marxist term ] will find jobs. Everyone will be totally happier than during the recession.
The sky is not falling. Eventually things will get better.
P.S. Compared to Romo you're a genius. We don't agree but at least you say something of substance.
I'm glad that you appreciate that I am making any sort of substantial claim. But I want to specifically address the bold. Right now, like I said, there are about 42,000 graduates for a bout 15,000 legal jobs. The disparity is even greater in oversaturated markets like Florida, but the market forces are broken for a couple of reasons. 1) the supply won't ever (in the next 50+ years) correct itself to the demand. This is because the ABA has virtually no power to limit accrediting law schools, and as long as they can find enough students to fill their class, they will remain open. When the economy as a whole eventually corrects itself then the number of legal jobs opening up may go as high as 20-25 thousand a year, but that is all the supply that is needed for a non-recessed American economy at this time. Natural market forces would seemingly drop the supply of lawyers with such a great disparity, in a perfect market system. But it isn't. The reason it isn't is because schools are claiming false employment numbers that are vastly better than the reality of the situation and are luring in kids to get these degrees. Assuming that the OP wants to be a job in the legal sector, which isn't a huge assumption to make, he's going to be faced with this disparity, there simply will never be enough jobs to go around. It's a broken system, one which isn't subject to regular market forces, and one which shouldn't exist in theory. But it does, and here we are. And the schools that lose out big time in these broken hiring systems are the ones that the OP is applying to. The schools at the top of the chain (think back to the tiered hiring we talked about) will be soaking up most of the jobs leaving these poor kids unemployed permanently.
I think your biggest assumption was that there was no problem pre-recession. this problem has been present for years, was slightly disguised by the hiring bubble, and is now being grossly exacerbated by the recession. Your analysis is great for a theoretical market, but we're dealing with a broken market, and all the theory in the world isn't going to fix it.
I realize unemployment isn't at 0% if a perfect market equilibrium. But at no point in the next 50 years will it ever be better than 20-30% unemployed within the legal sector. I promise you that.