Is a college degree really worth the expense? A recent study, authored by Vedder, Jonathan Robe, and Christopher Denhart, “used employment data from the U.S. Bureau of Labor Statistics to calculate that the number of college graduates is growing at a rate disproportionate to the number of jobs requiring a college degree,” reports the Chronicle of Higher Education. “They question whether America spends too much on higher education, and ask whether society can afford to subsidize higher education for graduates who end up in jobs they could have landed without going to college.
A more dramatic example can be found at law schools, whose students are burdened with, on average, $125,000 in debt, according to figures cited by Brian Tamanaha, professor at Washington University Law School and author of Failing Law Schools. Continue reading
One of the major pitfalls in education policy is viewing education as intrinsically valuable in and of itself. This is like saying that a dollar is valuable for being a dollar, rather than what can be bought with said cash. A recent article by Mary Beth Marklein, with USA Today, notes that one third of millennials have earned a four-year degree. This is “up from 28% in 2001 and 2006 and 17% in 1971,” according to U.S. Census data, she reports. Continue reading