When Romney says half of graduates can't find a job, he is referring to an Associated Press survey earlier this year that concluded that about 1.5 million, or 53.6 percent, of bachelor’s degree-holders under the age of 25 last year were jobless or underemployed. This was the highest level in 11 years, since the dot-com bust in 2000.

“A weak labor market already has left half of young college graduates either jobless or underemployed in positions that don’t fully use their skills and knowledge,” the news agency said. “Young adults with bachelor’s degrees are increasingly scraping by in lower-wage jobs — waiter or waitress, bartender, retail clerk or receptionist, for example — and that’s confounding their hopes a degree would pay off despite higher tuition and mounting student loans.”