To the Class of 2012

Stephens: To the Class of 2012 - WSJ.com
Dear Class of 2012:
Allow me to be the first one not to congratulate you.
Through exertions that—let's be honest—were probably less than heroic, most of you have spent the last few years getting inflated grades in useless subjects in order to obtain a debased degree.
Now you're entering a lousy economy, courtesy of the very president whom you, as freshmen, voted for with such enthusiasm.
Please spare us the self-pity about how tough it is to look for a job while living with your parents. They're the ones who spent a fortune on your education only to get you back— return-to-sender, forwarding address unknown.
No doubt some of you have overcome real hardships or taken real degrees.
A couple of years ago I hired a summer intern from West Point.
She came to the office directly from weeks of field exercises in which she kept a bulletproof vest on at all times, even while sleeping.
She writes brilliantly and is as self-effacing as she is accomplished.
Now she's in Afghanistan fighting the Taliban.
If you're like that intern, please feel free to feel sorry for yourself.
Just remember she doesn't.
Unfortunately, dear graduates, chances are you're nothing like her.
And since you're no longer children, at least officially, it's time someone tells you the facts of life.
The other facts.
Fact One is that, in our "knowledge-based" economy, knowledge counts.
Yet here you are, probably the least knowledgeable graduating class in history.