Is a college degree worthless?

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This article is all about how a college degree is worthless. That is definitely the main claim in this article. It suggests that the education system itself is flawed, and it keeps requiring more and more education for no real reason. It states that pretty soon people will need PhD's just to get decent jobs. This article claims that not going to college is a smarter choice than attending. It uses a lot of fact claims and even some policy claims. It includes lots of statistics and math. Luckily, I was not intimidated by it or too gullible. I found this argument very flawed. It's main premise was some math including starting salaries and debt of college students, and then it factored in interest rates and stock market returns to state that the college student will never catch up to the wealth accumulated in the 5 years the other person has been working, plus the college student will be paying off student loans for another 10 years out of college. I found 2 huge things wrong with this argument.

First: 18 year old kids aren't knowledgable enough or have enough foresight to start a retirement fund and responsibly invest their money in the stock market. More likely they are going to blow that money on a car, apartment, guitar, boat, etc. 18 year old kids aren't as responsible as he is making them seem.

Second: Even if they are that responsible, it still doesn't matter. College grads make nearly twice as much as non college grads of the same age. So while the non college grad is investing and saving all their money, the college grad can save the exact same and still have enough for a much healthier stander of living. The problem with his idea was he focused on merely accumulating wealth. Sure, maybe non college grads can save more money in the long run, but they would be living off pennies to do so and they wouldn't be able to cash in on their hoard of money until they retired.

Because of this, I don't see how the author can say a college degree is useless. Sure, people can make more money than college grads, and sure, college degrees may not be the ticket to an automatic great life, but a college degree does a lot more for you than if you didn't have one at all. Im probably just biased though.

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This page contains a single entry by Jer published on April 25, 2012 9:26 PM.

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