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Sigh -- unfortunately the same demographic shifts and aging of the economy problems trickle down into the need / market for education. Our parents generation v
by supernova87a 7y ago
Sigh -- unfortunately the same demographic shifts and aging of the economy problems trickle down into the need / market for education.
Our parents generation valued a degree because at the time, a growing post-war economy allowed almost anyone to hold down a stable, well-earning, middle-class job even without a college degree. Having a college degree, especially a graduate degree distinguished you so much as to put you on the track to be that generation's 1%. Ok, maybe 10%. But "Go to college" was still good advice to stand out and have an advantage.
Unfortunately as they say, if things cannot last forever, they end. The age of easy jobs and growth slowed (unavoidable demographic fate), positions requiring little more than a warm body were occupied by boomers who don't retire, and pretty soon a college degree became mandatory just to meet the bar of jobs that did appear -- if only as a sorting mechanism for employers to see who they should interview.
And why could companies do this? Because we fundamentally have an oversupply of labor in this country. Most countries today do. The country was built in an age with a certain level of demand, which created jobs of that era. But then those people had kids, who wanted those same jobs, which were already filled by willing workers not yet retired. Add to that the spigot opened of foreign (or virtual) talent willing to compete for jobs for less $.
So, people follow the advice in a competitive market to try to stand out and get a job. But just like people trying to capture the $ boom of early baseball cards, as soon as everyone started printing them to ride the wave, they became less valuable. Now, college is expected, and not having it is the disadvantage. And when something is mandated, you can be sure that companies/institutions will latch on to it to make money. Maybe they don't call it that, or label it with a higher class branding, but yes there seems to be a demand-inflation dynamic going on, with little to anchor college tuitions except ultimately, people discussing like in this thread, that college is no longer worth it.