Student-Loan Delinquencies Surpass Credit Cards, 37.5% of Graduates Work in Jobs Requiring No Degree; Who is to Blame? What About Solutions?
http://globaleconomicanalysis.blogspot.com/2012/11/student-loan-delinquencies-surpass.html
Mish
37.5% of Graduates Work in Jobs Requiring No Degree; Who is to Blame? Solutions?
By Mish Follow Wed, 28 Nov 2012, 11:43am 3,342 views 61 comments
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Bellingham, WA
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LOL, $300K is NOT middle class if it can be kept up.
What separates the middle class from the upper class is that the upper class no longer has to rely on wage income to survive, they have money "working" for them, collecting money from other people.
Ten years of $300K salaries with $200K/yr put away will have a $2M asset cushion at the end of it.
At 3% net returns that is $5,000/mo of interest income, plenty to be no longer reliant on wage income and thus no longer "middle class".
$300K/yr is a rocket ship out of the middle class, LOL
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Spoiled Lazy Employers, who now demand Bachelor degrees for basic supervisory and office clerk jobs.
There's no reason you can't answer phones, make appointments, and reorder supplies for the water cooler with only a HS education.
There's no reason you can't make a schedule, hire and fire Part Time kids for running the counter, or remember to order more pre-packaged turkey wraps to sell with only a HS education.
There's no reason you can't collect holiday cookie orders over the phone (or rental cars, or flights, or books, or dildos), take a CC number, type it into a field, and thank the customer on the other end with only a HS education.
You don't need knowledge of Joyce, Kirkegaarde, Margaret Mead, Differential Calculus, Trigonometry, EE Cummings, Carl Jung, Six Sigma Training, Keynes, Friedman, etc. to do any of these jobs.
But companies are demanding at least Associate Degrees, Bachelor Degrees preferred. It's ludicrous, and a huge drain on society.
The reason College Degrees aren't worth a damn is because the kids don't give a damn, they just know it's something they have to do to have a chance in hell of getting a job they can just live on.
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The only jobs that require a degree are Doctors and Lawyers.
And that's only because there's a legal reason.
Everything else is just bullcrap to justify enslaving our youth into years of school debt, they'll take most of their adult life to pay off.
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Here's a solution: Mandate a 900 SAT score across the board to get any federal aid or grants.
Problem solved.
I'm sorry, if you got less than 900 on your SAT, you don't belong in college, at least not now. 12 years of education should have done it. Even if you goofed off in HS and instead read books and did woodshop projects or whatever, you should have enough reading comprehension, vocabulary, and math skills to get 900. If you are not that smart, but you're dedicated and a hard worker, you should still be able to get 900+ on your SAT.
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Los Angeles, CA
I can tell you that a part of the problem is people attending very expensive schools to obtain a degree that will not help them get a job all the while using government loans to pay not only for school but also to pay for living expenses as well.
A liberal arts degree from a very pricey school like USC still is a liberal arts degree. And when you graduate and are working as a barrista whatchagonnado with that $150k loan balance?
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BTW, few jobs truly require a degree by nature.
The hiring managers may simply require it to make themselves feel better.
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Pleasanton, CA
It would be nice if education were considered a value in and of itself again without the vested estate and meal ticket aspects.
I have acquaintances who think I am crazy because I did something for three years for the education, no ulterior motive, and I don't and never have regretted it a bit, it changed my life and outlook in ways that are difficult to describe.
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Baltimore, MD
thunderlips11 says
I would make it higher than 900.
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Nobody says
It's not the 1% (who ever in the hell that is, I still can't get an answer)
This is greedy Liberal educators that want a mansion and yacht to teach kids useless liberal arts subjects.
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Egg Harbor City, NJ
Mish says
The solution is so obvious it's staring you in the face. Require a degree to work at Starbucks or Walmart.
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Simi Valley, CA
this is the problem:
http://io9.com/5511030/earn-your-masters-degree-in-vampire-literature
there are a lot of high paying high-tech jobs that require a degree: chemical engineer, petroleum engineer, telecom engineer, hardware engineer, dentist, financial scientist, optometrist, pharmacist, software architect, RN, data scientist.
there are also a lot of IT/programming jobs that pay well and most employers will require a degree unless you have tons of experience. although it's hard to move up the corporate ladder if you don't have a degree.
the people graduating today entered college 5-7 years ago during the bubble when easy money was being made just like during the stock bubble. they will need to adjust their expectations.
i'd say the blame should be placed on 1) the people who didn't plan ahead 2) the gov keep giving loans and aids to people who get useless degrees.
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TechGromit says
The middle class has a wide range.
If your money is not making you money, you are in the middle class.
If you cannot live off the interest of the interest (duplication intended) of your capital, you are in the middle class.
If you spend more money on food than on political contribution, you are in the middle class.
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San Jose, CA
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CaptainShuddup says
Gee I had no idea Elmer J. Fudd, millionaire was a greedy liberal educator:
http://en.wikipedia.org/wiki/Hare_Brush
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Very few jobs require degrees. Degree is just a piece of paper from an education industrial complex vouching that you have paid them enough money for them to consider you a graduate.
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Think about how ridiculous this is:
"Gee, Jane would make a good Office Manager. She's on time, organized with all her little folders, knows the ins and outs of Google Calendar, is prompt and polite over the phone and email, but dammit, she has no knowledge of Nietzsche or the uses of Pi. We'll have to find a college grad instead."
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San Jose, CA
CaptainShuddup says
Welcome to slavery.
From 1%.
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Knowledge is important, but you can't make somebody give a damn about it.
I'd say that about 1/3 of all people with Bachelor's Degrees didn't really get much academically out of college. They can't speak intelligently about their own damn major. I had a Psych Grad once who did not know who Carl Jung is.
I'm sorry, but how does one get a degree in Psychology without the faintest idea of who Carl Jung is?
People like that can be warm, wonderful, even witty people, but formal, expensive education is wasted on them. Not because they're stupid, but because they don't give a shit. By demanding college educations for these kinds of people, we're wasting their time, our time, and society's limited resources.
Should education be available for all? Yes, but you have to show you give a shit. Raising the bar a bit to a modest leve keeps those who are seeking a rubber stamp out, and improves the experience and outcome for everybody.
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The solution is the market. Remove government loan subsidies for education and individuals will make better choices about whether higher ed is a good investment of their time and resources.
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San Jose, CA
CaptainShuddup says
Last I checked, no teachers that I know was the 1%.
Keep up with your ignorance. The 1% rules. And you slaves don't have to know it. We'd like to keep it that way, so you don't feel like an idiot.
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Jewett City, CT
If that degree helps the person get the jobs, or advance, then unfortunately it has value, ... Even if it's not directly tied to the additional education.