Saturday, May 21, 2011

College Education: Largest Scam in U.S. History

I didn't write this article but I agree with it 110%. We have never pushed college for our children and thankfully they see the system for what it is. What was once an investment is now the equivalent of indentured servitude. I personally know far too many people with worthless degrees, tons of student loan debt and unable to get a job.

College Education: The Largest Scam in U.S. History


College education is big business, and with easy Federal loans, prices for everything from tuition to text books is going through the roof. Once degreed, the majority of college grads are ill-equipped to handle the current marketplace. Many of those who entered college just five years ago simply can’t find work in a 21st century economy that’s imploding on all sides. What college grads are left with are massive loans that can’t be repaid and a room in mom and dad’s basement.

This latest video from the National Inflation Association should be viewed by parents and potential college students alike.

At one time, college was an investment. Today, it’s become, as one interviewee in the documentary suggests, indentured servitude.

For parents and teens looking at colleges, we suggest taking a close look at the amount of money that will need to be spent and borrowed, compared to the benefits that will come out of the degree pursued. Thirty years ago, a bachelor of business would have been a desired degree to hold. In an economy with over 20% unemployed, one must ask: how many business administration and management jobs will there be four or five years from now, especially if we continue to lose production capacity to cheap foreign labor.

If you’re dead set on sending your kids to college, or you yourself are preparing to enter higher education, look at the future to determine what you should be learning. China will be the leading economy by the end of the decade – perhaps consider becoming fluent in Chinese. Seen the prices of commodities lately? With monetary printing, a growing global population, and the possibility of major weather changes (natural or man made) we suggest take a close look at careers in resource-based (food, energy, water) industries.

Most importantly, prepare your mind for a post-college environment where, rather than finding a job for someone else, you are able to invent your own.

For those who have chosen to avoid college, perhaps the best route to take is some type of modern-day apprenticeship in a field that will thrive during a recession or depression. Learn to farm, to purify and treat water, carpentry, metal works, and other jobs that produce physical goods needed by society. You may not end up being rich (but you might), however, you’ll be much better off than the guy in the basement with no idea about what to do with a degree an employer couldn't care less about.

4 comments:

  1. I'm currently in college and I am seeing this happen all around.
    I'm getting a degree in history with hopes to teach either history or english. No loans because my parents are paying out of pocket.
    I still want to believe that college is something that will help my future but I can't help reading what you've posted here and finding truth in it.

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  2. Rebecca, I know how you feel. A college degree is part of the American Dream and has been a proven way of getting a good job, but it's a whole new world out there. :-( Mr. G has an accounting degree, not some Underwater Basket Weaving degree from an online school, and it doesn't make much difference for us in reality. Ohio released its job figures for the past year. The "good" news? Ohio gained 1000 jobs, that's across the ENTIRE state and over a 1 year period. This is the first time in a decade that Ohio gained jobs at all. There are far too many degreed people and all of our jobs are overseas. I recommend learning Spanish and Chinese, that way you can panhandle no matter who takes over. :-/

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  3. I do speak Spanish already, and it definitely helps my retail job.
    And my mom is also an unemployed accountant attempting to make it in real estate land. Not doing well on either front. :(

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  4. farming and delivering babies for those who can't/won't pay for outrageous hospital bills here. Hubby is a doc, and though barter is not something regularly done, yet, it seems to be just around the corner. Oldest just finished high school, and wants nothing to do with saddling up with student debt.

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