New Doubts about the Value of a College Degree

As Americans spend more and more to get college degrees, more and more people are beginning to question the value the recipients and the taxpayers are receiving.

Certainly, as a percent of GDP, the U.S. spends more on college education than any other developed country on Earth save one. At 2.9%, only South Korea ties us. We outspend Canada (2.5%), Finland (1.9%), Sweden (1.8%), the Netherlands (1.7%), Israel (1.6%), France (1.5%), Austria (1.4%), Germany and the UK (both at 1.3%), and Italy (1.0%).

A recent survey conducted by The Chronicles of Higher Education (together with American Public Media's Marketplace) showed that fully half of all employers report having a problem finding college grads truly prepared for employment. About a third of these employers rated colleges as being mediocre or worse at producing graduates with the necessary skills for success, such as communication skills, problem-solving skills, and adaptability.

Then why do two-thirds of employers demand a degree? Amazingly, the article concedes that part of the explanation here is that a college degree is often just used by employers as a sorting mechanism. After all, a high-school diploma often conveys vacuous information, a result of pervasive grade inflation and social promotion.

Now, this concession -- from the chief publicity organ of the higher education industry, please note -- is commendable. The Chronicles piece goes on to offer some explanations -- or excuses -- for the poll results.

At least half of people in college now don’t need to be there. THey are wasting money. Many will wind up doing book-keeping or organizational tasks that can be done with basic intelligence, computer skills, and good written english.

America’s economy is also being damaged by having fewer and fewer people in professional and technical trades like machining, drafting, electricity, etc...

I went to college part time, worked full time for seven years, earned about 112 credit hours in criminal justice/psyche with aspirations for law school before I figured learned the hard way that I was on the wrong path. I joined the military, paid off my student loans and learned a trade, when I get out, my GI bill will be used for a trade school. The only regret I have is that I wasted my 20’s being a goodie two shoes and worked too hard. I should’ve done a few mildly stupid things and lived a little.

An American college degree is like a European High School diploma. So of course an American college degree doesn’t get you a high paying job. Too much time is wasted on womyn’s studies, black anger, and queer studies.

The only reason the price is so high is to get money from Whitey and give it to non-Whitey in the form of financial aid.

1 – The Science of Harry Potter – Frostburg State University
2 – Simpsons and Philosophy – Cal-Berkeley
3 – Star Trek and Religion – Indiana University
4 – Elvish, the language of “Lord of the Rings” – University of Wisconsin
5 – How to Watch Television – Montclair State University
6 – Getting Dressed – Princeton University

Much as part of me going to love watching the liberals' higher educational bubble burst, there is going to be a lot of pain and it will affect all of us. I live here in the Philadelphia area and nearly everyone I know has a job dependent in some capacity upon higher education or healthcare (and those two are inextricably entwined here). Even electricians and HVAC guys do a lot of work at the local colleges that are all around here.

Within 20 miles of my home, there are literally dozens of colleges. Most here never would have heard of any of them. Rosemont, Eastern, Chestnut Hill, Holy Family, Ursinus, Philly U, Delaware Valley, Gratz, Arcadia, Cabrini, Gwynned Mercy, Harcum, and many others could all close tomorrow and most folks outside this area would never hear a word about it. But the ripple effects would be felt far and wide. It scares me when I think about it.

That book learnin’ will get you a job around here that pays enough to live on.

Without those letters after your name, you’ll be scratching after crap jobs, competing with thousands of unemployed Yankees, their loser teenaged young, and even more tens of thousands of illegals.

A batchelor’s gives you a foot in the door.

Otherwise, Starbucks is always hiring.

The solution to the problem of the high cost of college is really quite simple: stop the federal student loan program. I graduated from a top-flight liberal arts college in 1973. The charge for room, board, and tuition in my senior year was approximately $4000. In inflation adjusted dollars, that would be approximately $22,000. The actual cost of room, board and tuition at that college today is approximately $60,000. The $38,000 difference is entirely attributable to excess demand over time stimulated by federal subsidies in the form of loans and loan guarantees.

“I joined the military, paid off my student loans and learned a trade, when I get out, my GI bill will be used for a trade school.”

Good for you.

Plumbing and HVAC. 30 years ago I learned it and have never looked back. You’ll use the knowledge every day of your life. The knowledge of electrical theory alone is worth the price of admission. My teacher in that section taught us it out of an Air Force manual.

The solution to the problem of the high cost of college is really quite simple: stop the federal student loan program.

And allow the remaining private ones to be bankruptible. I agree with you, but that doesn't mean there isn't going to be a ton of pain when some of those colleges close or merge and when all of them - even the big guys around here like U Penn, Drexel, St. Joe's, and Villanova - start massive cutbacks when they find their funding reduced. I know people who've sold them insurance, assembled their furniture, sold them landscaping goods and services, and rehabbed their buildings and grounds. Now the big guys probably all have endowments large enough to survive the loss of student loan income, but it's unlikely they'd be rehabbing buildings or spending large amounts on landscaping. Those jobs will vanish. Much as I hate to admit it, when the education bubble bursts, only a very few will be immune to the pain.

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