I think what bothers me most when I read this sort of article is that it treats all college degrees as equivalent. They talk about average earnings potential and average unemployment rates, but they never break it down. If you get a B.Sc. instead of a B.A., how does that effect your chances? Almost all my friends without some sort of technical degree (Chem, CompSci, Physics, Math, etc.) aren't working anywhere near t…
What should a parent tell a child who wants to go into a non-"money" field? Should one still pay $80,000 for 4 years of "Social Studies"? Tell them not to go at all and get a 2 year degree from a community college? We all grew up brainwashed with the idea that "4 year college"="better jobs"="better life". Colleges have been raking in good profits all these years by exploiting that mantra. It is really hard to all of…
So the decision to go to college is governed by the logic of college as investment, but then the content part is guided by the emotion of college as personal self-realization.
So we end up with a society where countless people pour thousands of dollars into attending college for fundamentally emotional reasons. Or even worse, for mistaken factual reasons about the practical benefit of their education.
In other words, as Ted Rall put it even before college costs doubled, college is for suckers:
http://www.metroactive.com/papers/cruz/09.26.96/student-9639...