alt Hacker NewsThe difference is that printing money creates more money, but doesn't create any more stuff. College degrees (theoretically) create more educated people. If you just "hand out" degrees, that doesn't happen, but if you actually teach people, then it does.
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Educated people are the way they are due to a particular personality that they have. They are curious and self driven. Many educated people have no formal education. You cannot teach a personality.
That's not to say other personalities are less worthwhile... It's just that we have emphasized one kind of personality as the ultimate one and then are surprised that -- after maxing out opportunities for those already suited towards that personality -- a saturation point is reached and future effort has marginal gains.
I agree with you.
The problem is that many young Americans for the past 30+ years has been told that a bachelor’s degree is the prerequisite for a job that pays well enough to afford a middle class lifestyle, which I’ll define as being able to afford owning a home in a safe neighborhood and being able to provide for a household without living paycheck-to-paycheck.
What happens when a large number of college graduates enter a tough hiring market while they have five- (or even six-) figure student loan balances? It’s one thing to work at McDonald’s debt-free with a high school diploma; it’s another thing to end up at McDonald’s with tens of thousands of dollars in debt with a bachelor’s degree.
Of course, there’s more to going to college than career prospects, and there’s also the reality that no one is owed a job. Still, given the amount of adults struggling with paying off their student loans, it’s no wonder more people are reevaluating the economic value of going to college.