But now, college degrees are becoming an ever WORSE value:
- The ever-higher percentage of high school graduates going to college forces professors to dumb down classes. That's a key reason why the percentage of college GRADUATES with good literacy skills is declining (from 40% to 31% in the last decade alone.)
- The glut of college graduates. As the quality of college graduates declines while their supply goes up, employers are loathe to hire them, not just because their supply is high and quality is low, but because government-mandated costs of hiring Americans continues to escalate: social security, workers comp, unemployment insurance, mandated diversity and sexual harassment training, etc. The latest, of course, is the ObamaCare requirement that employers provide health care for not only employees but an extra percentage tacked on to pay for low-income people who don't work for the employer. Ever more, it makes sense for employers to automate or offshore, and to hire what Americans it needs, part-time, temp.
- The price tag of a college education continues to soar, far in excess of the inflation rate. The published sticker price for four years at many brand-name private college is $200,000. And MOST students do not graduate in four years. Indeed, when you look at the 200,000 college freshmen that graduated in the bottom 40% of their high school class, 3/4 of them don't graduate even if given 8 1/2 years! And even if they defy the odds, they usually have attended a third-tier college with an easy major such as sociology, neither of which moves many employers to pay them more than they could have earned straight out of high school. And if such students hadn't gone to college, not only would they not have accumulated all that debt, they wouldn't have had to endure years of boring, too-difficult-for-them courses, and the resulting non-stop assault to their self-esteem.
ATThe just released national poll of employers is titled: "College Graduate Hiring Declines." The report states, for example, "55% of companies said that 2010 graduates are in a less advantageous position than other job seekers – and the top two reasons are the economic climate and their lack of qualifications."And this from Bloomberg: College Grads Flood U.S. Labor Market With Diminished Prospects.
WhWhen will prospective college students and especially the parents of not academically oriented high school students and their counselors realize that for many students, a wiser post-high-school path is an apprenticeship, on-the-job-training, or career training in the military.