Courtesy of Mish.
A pair of interesting articles on MarketWatch highlights the plight of those graduating from college deep in debt and little prospects of landing a good job in their field.
First consider Why go to college if I can’t get a job? by John Pelletier.
A recent Economic Policy Institute study reports that the unemployment rate is 9.4% for college grads ages 21 to 24 (not currently seeking a post graduate degree), and the underemployment rate for this group is 19.1% (this includes part-time workers who want full-time jobs). In 2011, those grads lucky enough to have a full-time job earned an average of $35,000 a year, a 5.4% inflation adjusted decrease from 2000 average income. Finally, it is estimated that nearly 4 of 10 grads are working in fields that don’t require a college degree (the college-grad barista syndrome).
Why you must get that degree
Despite all this gloomy data, getting a bachelor’s degree is still worth the cost and effort. Why? For one simple reason — the alternative of not having a college degree is so much worse:
Recent high school grads’ unemployment rates are frightening. The Economic Policy Institute study shows that the recent unemployment rate for high school graduates between age 17 and 20 who aren’t enrolled in additional schooling is 31.1%. And their underemployment rate is 50.4%.
Some People Do Not Belong in College
Pelletier perpetuates the myth everyone belongs in college. Many don’t. Arguably at least half don’t. In Portland Oregon, ACT scores show less than half of test-takers are ready for college math
ACT scores from the class of 2012 show about 58 percent of Portland Public Schools students who took the ACT college entrance exam aren’t prepared to pass college-level algebra courses.
You really want to send those kids to college? To get a degree in what?
Pray tell what good is a degree in English, history, PE, or political science other than teaching English, history, PE, or political science? And how many of those teaching jobs are even available?
Yet colleges churn out thousands of graduates, year after year, with perfectly useless degrees.
Is a College Degree Required? Why?