I don't trust salary surveys comparing college grads to non-college grads. I think there is so much more to the equation than just doing a two-point data comparison. Things like personal or cultural habits that promote or encourage long-term employment, which does just as much or more than college education to enhance earning power. There are certain underlying factors to a poor, working person's life. Things like constant lay-offs, shifting employers, changing circumstances, lack of stability... on and on and on. If you can find a company that will let you work for them for 30 years... you're lucky these days.
The flip-side holds as well. There are people that are just so immersed in their particular class-culture that making more money is just an avenue to borrowing more money. I come from a neighborhood of non-college parents owning their own $150,000 (present value- my childhood home was 38k in '83) homes, which is a neighborhood a mile away from college-parents so deep in debt with $350,000 homes (because their numbers look bigger on paper) that they're well and truly fucked.
So this is my opinion: College education helps your earning potential, but the upper middle class life is a recipe for disaster. If it is the case that we need college degrees, it only because we have abandoned labor and destroyed unions to the extent that it is the only option left. It is not superior by nature, but by unfortunate circumstance.
It is true that college degrees help your earning potential, but that earning potential itself is decreasing over time in accordance with simple supply and demand. For every lower-middle class Joe who climbs the ladder and makes that Junior Executive/VP slot just before he retires, there are a thousand other Joes who never get anywhere near that.
Not everybody can be a superstar, a chief, a boss, or an executive. The value of your education will always be subject to market forces, and the plain fact that no one is going to pay you for your degree. You're going to get paid on your position and rank; and for every MBA out there (like a million or two), there are only so many slots available for serious potential. There is only one CEO.
Academics know this. Why get a PhD anymore? If you want one sure. But to get a job that requires one? Ha, have fun playing that game.
The flip-side holds as well. There are people that are just so immersed in their particular class-culture that making more money is just an avenue to borrowing more money. I come from a neighborhood of non-college parents owning their own $150,000 (present value- my childhood home was 38k in '83) homes, which is a neighborhood a mile away from college-parents so deep in debt with $350,000 homes (because their numbers look bigger on paper) that they're well and truly fucked.
So this is my opinion: College education helps your earning potential, but the upper middle class life is a recipe for disaster. If it is the case that we need college degrees, it only because we have abandoned labor and destroyed unions to the extent that it is the only option left. It is not superior by nature, but by unfortunate circumstance.
It is true that college degrees help your earning potential, but that earning potential itself is decreasing over time in accordance with simple supply and demand. For every lower-middle class Joe who climbs the ladder and makes that Junior Executive/VP slot just before he retires, there are a thousand other Joes who never get anywhere near that.
Not everybody can be a superstar, a chief, a boss, or an executive. The value of your education will always be subject to market forces, and the plain fact that no one is going to pay you for your degree. You're going to get paid on your position and rank; and for every MBA out there (like a million or two), there are only so many slots available for serious potential. There is only one CEO.
Academics know this. Why get a PhD anymore? If you want one sure. But to get a job that requires one? Ha, have fun playing that game.
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