Half of recent college graduates can’t find employment. Those who find a job often settle for something less than a “college level job.”
So what good is a college education, anyway, in our very unstable economy?
As 2013 launches with more federal government debt and American businesses guessing when the next punitive regulatory show will drop, most Americans are ignoring an area of societal upheaval that is poised to get more intense. Increasingly, Americans are wondering how essential it is for one to possess a college degree.
The upheaval transcends what you’ll read in the occasional “top paying” and “worst paying college degrees” articles. In fact, the presumption that a particular college degree will land one in to a particular job with a particular salary is actually part of our problem (such presumptions don’t adequately allow for the fact that our economy, and, thus, the relative value of skills and services, is always subject to change).
The most obvious manifestation of this problem is found in the pain of ever-rising tuition costs, and student loan debt. This isn’t anything new, but the recessionary conditions of the past five years have brought college degree price tags, and the debt they engender, under the microscope.
President Obama has spoken to this concern over the years, and-not surprisingly- he has proposed more “free” and reduced-rate student loans (all to be subsidized by taxpayers). His main challenger in last year’s presidential race, Mitt Romney, campaigned on policies to spur job creation as means of putting young graduates to work. Yet both candidates ignored the real problem: no matter how the economy performs or what the labor markets are doing, the price of a college education always moves in one direction-up.
So, why does this happen? Why, when the prices of other products and services either remain flat or decline, do tuition rates steadily rise? At least part of the answer is found in one very important fact. It is a consistent agenda within institutions of higher learning to offer as many low cost, and even “free” tuition programs as possible. Whether you’re examining state run colleges and universities, or private institutions, look in to the details of their budgets and the agenda becomes clear. It is a point of pride when, year after year, college and university leaders can report that they issued more “scholarship” programs that were doled-out according to ‘financial need.”
Austin Hill is an Author, Consultant, and Host of "Austin Hill's Big World of Small Business," a syndicated talk show about small business ownership and entrepreneurship. He is Co-Author of the new release "The Virtues Of Capitalism: A Moral Case For Free Markets." , Author of "White House Confidential: The Little Book Of Weird Presidential History," and a frequent guest host for Washington, DC's 105.9 WMAL Talk Radio.