The Declining Value of Your College Degree
Submitted by Robert Oak on Thu, 07/17/2008 - 12:13
Looks like the Wall Street Journal is now recognizing that a college degree is eroding in value for investment in terms of income.
For decades, the typical college graduate's wage rose well above inflation. But no longer. In the economic expansion that began in 2001 and now appears to be ending, the inflation-adjusted wages of the majority of U.S. workers didn't grow, even among those who went to college. The government's statistical snapshots show the typical weekly salary of a worker with a bachelor's degree, adjusted for inflation, didn't rise last year from 2006 and was 1.7% below the 2001 level
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Greedspan
this is all part of Greedspan's design.
He advocated flooding the market with educated workers. He framed it as a way to decrease disparity of wealth.
But what it does do is pull down upper middle and middle class wages and does nothing to decrease disparity of wealth in the stratosphere.
This is one of the major fallacies of supply side free marketeer thought - that somehow increasing the pool of skilled and educated labor magically creates demand for them.
caught on tape
In the Alan Greenspan Recommends Wiping out the Middle Class, there is a video where he says that right on tape.
I couldn't agree more about
I couldn't agree more about this and I find it most unfair specially for those students who face serious struggles to have a college education. These kids are committed to long years of financial debt and they efforts are almost in vain. In these current conditions I rather have a fake diploma instead of spending my time and my money on something that brings me no guarantee that I'll have better chances in this society.