“A college degree is not going to differentiate you in the marketplace.”

Via Gary North

But now with 70% of high school graduates going to college, a degree is not going to differentiatte you in the marketplace.

Man in the video is Marty Nemko.  A dear friend sent me a few of his things last week.

Show notes transcribed by MW.

We live in a society that desires designer labels.

200,000 of students graduated in the bottom 40% of their high school class. Odds against graduating is 3-to-1 against!!!

Apprenticeship, military, on-the-job training at the elbow of a competent worker.

Community colleges are higher education’s best deal and best teaching. At university, they hire on research dollars they can bring in.

College is not the beneficent non-profit we think it is. Colleges have mammothly powerful marketing machines, lobbying machines, . . . .  Colleges have so successfully marketed the myth that college graduates earn a million more over their years.  That is so misleading! That statistic was retrospective.  In the past, having a degree was rare, so it commanded more in the marketplace.  But now with 70% of high school graduates going to college, a degree is not going to differentiatte you in the marketplace.

The other 30 are disabled, special ed kids, etc.  Nearly every able-bodied student, anyone with a normal brain, with so many kids going to college, a degree is not going to differentiate you in the marketplace.  If you want to get an education edge on top of the 6 firgures that people pay at colleges, you’re going to need a graduate degree to which it costs another fortune.  And when you calculate the costs of a college education, you can’t forget to add what you could be earning (had you remained in the job market instead of opting for the college, debt-ridden market) and what you could be learning if you were not learning the academic abstracts in college but if you were learning in the real world. That’s the retrospective argument.

But prospectively, as we move forward, unless you’re some star in some high-demand field like computer engineering, not in psychology, sociology, gender studies, etc., the demand for college graduates is likely to decline.

Did you hear that, folks?

As ever more of those expensive, white-collar jobs get more and more expensive everyday with Obamacare, paid and family-leave is on the way, companies are quietly off-shoring ever more jobs, automating ever more jobs, part-timing ever more jobs, they’re temping ever more jobs.  So you can’t retrospectively look back to the past and say “Oh, yeah, you’re going to earn a million dollars more with that college degree.”  And don’t fall for the college-perpetrated myth that the information “Oh, we’re in an information age . . . we’re going to need a million more knowledge workers.” In truth, only a relatively few of those knowledge workers are needed to create and innovate.  Far more work can be offshored or automated.  Asian economies are aware of the education gap.  As those white-collar jobs will be declining.  Shortage of skilled workers, dye makers, welders, the jobs they don’t prepare you for in the 4-year universities.  Especially with America’s structural problems.  It may well be that the people who are going to thrive and grow old in are going to disproportionately be self-employed.  And the most important skill that colleges don’t teach is entrerpreneurialism.  If you think you might have the potential and the interest of becoming an entrepreneur and not that motivated to do the work of colleege, you might want to think about foregoing college and perhaps talking your way into an apprenticeship with a competent and ethical entrepreneur.

Listen to the whole presentation.  You’ll make more money without a college degree. Believe me!!

Academically Adrift, a recently released study out of the University of Chicago Press, January 2011.  Check out this review by Inside Higher Ed.

Poor value added in writing, reading, reasoning, and so on.  1/3 grew less than 1 point on a 100 point scale from freshman to senior years, excluding the weaker students who’ve already dropped out.  They see swtudents a cost center, educating them as cheaply as they can possibly get away with.  Hire great researchers but terrible teachers.  Universites are a business and they consider a cost center, rather than research as a profit center.  Some foreign professors they are eager to hire who don’t even speak good English and yet Universities care so little about students, that they will set them loose on students having to learn hard stuff like chemistry, computer science, calculus, and so forth.  All PhD program, they do almost no training on how to be a good teacher.  So when those universities hire PhDs, they’re not hiring because they care about you, the student.

PhD’s focus their life on arcana.   That’s grand canyons away from what students need to know.



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