With the continued recession, and unemployment reaching its 11 year high, my own personal dream of ‘climbing up the corporate ladder’ in Christian Louboutins seems like it is going to have to be put on hold, while we wait in anticipation for the economy to sort itself out.

This year has seen a shocking overturn in the financial world, stemming from subprime mortgage failures and high fuel prices, along with many other factors – creating the inevitable recession that we are now having to endure.

Despite the fact that house prices (and now the prices of rental properties) are finally falling, due to our (not so cheap) student loans it would probably take us at least into our late 20s before we can even think about buying our first house.

As well as not being able to buy a house, many of us are also likely to be unemployed.

Carl Gilleard, of the Association of Graduate Recruitment, said, "we have had five years of continuous growth in the graduate jobs market. I can’t see that growth continuing." For the students unlucky enough to graduate into the latest recession, one positive thing to note is that although recruitment has slowed, it has not stopped entirely.

Economists have warned however, that unemployment could top 2 million within months. With the numbers of people claiming job seekers allowance rising from 36,500 to 980,900 in October, it is the highest monthly increase since 1992. Despite this, the government is not planning to change their spending policies.

Although politicians have continually tried to reassure us that all will soon be well, Gordon Brown’s plan to try and borrow his way out of this crisis is less than reassuring. What is even more unsettling is Labour and Conservative’s reversal of stance when it comes to tax cuts and government spending.

What we really need is our very own Barack Obama, for the "change we need". Although we need to come to accept that he cannot be President of the world, it is depressing to think that if Obama had lived over here, and even if the country were ready for a Black or Asian Prime Minister, he would not have been able to rise so high due to the "institutional stranglehold" of our political parties.