Recession leading to US educational drain
With the recession, the number of highly educated unemployed individuals has skyrocketed. An education has become more of a financial burden than a stepping stone into the workforce.
As educated members of society site on thousands of dollars of student debt, unable to get jobs, many are questioning the relevance of education – when often you are not even able to get a job at McDonalds.
In addition, those soon to enter college education ages are finding it increasingly hard to pay for education. Many are not capable of taking on massive amounts of debt, especially as students raise tuition rates and college fees.
With the younger generations passing on education due to the costs, the country’s potential for global market completion shifts downward.
Meanwhile, students from China, India and elsewhere are flocking to America to secure college level educations, and then returning home to invest in business.
Blogger Michael Snyder from TheEconomicCollapseBlog.com argued that college education in America is not what it used to be; in addition many students are priced out of attending most schools.
“Today’s students who are graduating at this time of the year, two-thirds of them are coming out with student loan debt and the total of amount of student loan debt in the United States today is actually more than the total amount of credit card debt,” he said.
A lot of students are not able to get good jobs that pay well when they graduate. Many end up working hourly jobs waiting tables or working in similar roles. Others are left unemployed or bouncing from one remedial job to another.
Often students are pushed into college, told the cost is worth it. Often students assume their degree will get them a job, but in the end it is a gamble. Students assume their degree will get them a job that will pay enough so they can pay back loans – but that is not the case. Additionally, there are simply not enough jobs for all of the new graduates.
College is good for many career fields, but not all, argued Snyder. There are fields where one can excel without a degree or can earn a degree from a cheaper institution.