THE GREAT COLLEGE HOAX ON THE CURRENT GENERATION

The Great College Hoax on The Current Generation
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“A college education unfits rather than fits men to affairs.” – Andrew Carnegie, 1901
Going to college is the key to getting a good job and living the American dream for the rest of your life.
That’s the common wisdom. That’s what teachers and guidance counselors tell students. That what millions of
parents and their college-age children believe. But is it really true?
Was it ever true? Yes.
HIGH SCHOOL STUDENTS NEED TO LEARN ECONOMICS BEFORE ENTERING
COLLEGE
The 20th century started out with less than 1,000 colleges in the United States, with just 160,000 students, about
4% of the population. In 1910, 37,200 students earned a four-year degree. Land grant colleges in the Midwest and
South specialized in teaching agriculture and engineering, prepared thousands of young men for urban jobs, raising
their incomes. When the most common form of education was still a one-room school-house crammed with all ages
except when the children stayed away to harvest crops, a college education commanded, and deserved, respect.
However, even the economists among the college graduates forgot a fundamental law of economics, that of Supply
and Demand. When something is scarce, its price goes up. When its supply goes up, its value goes down.
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THROUGH THE 20TH CENTURY, STUDENTS CHASED THE COLLEGE DREAM
Colleges and universities expanded to accommodate more students. Early in the 20th century most students of
academic universities came from wealthy families. No doubt they learned important business skills, but their fathers
and grandfathers writing the tuition checks often made their money from their own entrepreneurial success.
Following World War II, 2 million veterans took advantage of the G.I. Bill to finance their college educations. When
they graduated, American corporations were expanding into international operations, thanks to the country’s
industrial base having survived the war intact. The government wanted the business community to move into the
developing world to counter the threat of communism. Having grown up during the Great Depression, those men
were grateful for the opportunity to work and move up. And, thanks to the military, they had discipline.
They wanted their children, the baby boomers, to have the same opportunity, so universities continued to expand.
The media encouraged everybody to go to college. Local governments built junior colleges.
Millions of former Depression babies and veterans lived in affluent suburbs thanks to having a college degree, and
so everybody wanted to imitate them. Many of baby boomer children followed their parents. However, a few
important exceptions failed to graduate, including Steven Jobs and Bill Gates.
THE CURRENT SITUATION
Today, about 75% of American high school seniors go on to college looking to unlock the key to the American dream.
Even given that only 50% of them will graduate with a four-year degree, that’s millions of college graduates chasing
a shrinking supply of jobs requiring that degree.
* According to a survey by Twentysomething, 85% of new college graduates planned to move in with their parents
* Over 18,000 parking lot attendants in the U.S. have college degrees
* 365,000 cashiers have college degrees
* 24.5% of retail clerks have college degrees
* 317,000 waiters and waitresses have college degrees
* Half of all college graduates work at jobs not requiring degrees
UNEMPLOYMENT AND UNDEREMPLOYMENT IS JUST THE BEGINNING OF THE
CURRENT COLLEGE GENERATION’S PROBLEMS
For decades, the supply of institutes of higher education has gone way up. However, the rate of demand of college
students has outstripped the supply, pushing the cost of higher education to new heights.
Taxpayers grateful for the defeat of the Axis powers and their wartime jobs paid for the veterans to attend college.
They helped their baby boomer children, many of whom had also had no problem finding part-time and summer jobs
to defray the costs.
But since 1982 the cost of going to college has gone up 500%, far more than inflation and the average family
income. Working 15 to 20 hours a week for the minimum wage is still feasible, but no longer helps pay for a
significant percentage of the student’s higher education.
Consequently, students take on a tremendous amount of student debt. About two-thirds of modern college students
graduate with student debt. Law and medical students, who have no choice but to attend school longer to enter
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those professions, might owe six figures before they begin their professional careers. The bankruptcy law of 2005
prevents them from discharging this debt. If they don’t find one of the highly paid jobs, the burden is crushing. Since
2010, Americans owe more money for student debt ($1.4 trillion) than on their credit cards. The average is $29,000
per student. According to experts, this burden on young adults is holding back retail sales.
And while the college student is attending classes, the non-student their age is working, gaining job experience and
a regular paycheck. If they save money, they have a head start over the college student. In the past, the college
graduate jumped ahead after receiving their degree, and, on average, that continues, but the difference between the
income of a high school student and a college graduate is no longer as wide as in the past.
How long will American parents and the young students continue to sacrifice themselves for an increasingly less
valuable college degree?
WHAT DOES THE FUTURE HOLD?
If you wish to become a doctor, lawyer or similar professional requiring additional training, you have no choice but to
take on debt or give up your dream. The good news is that by keeping the bar raised high, these professions limit
the supply.
Another factor which many people are not yet aware of is the growing availability of college courses online. That’s
not just online universities, but free courses and lectures from Ivy League schools. You can watch thousands of
hours of videos of some of the finest, smartest professors in the world. Nobody will give you tests or grade your
homework, and you can’t raise your hand to ask questions, but how long before some professors give their own
classes online?
And for modest amounts of money you can take classes from such sites as Udemy and Lynda. How long before
employers hire people who pass proficiency tests in lieu of a degree?
WHAT’S THE JOB OUTLOOK FOR COLLEGE GRADUATES WHEN AI AND ROBOTS
BECOME MORE COMMON?
What can a new lawyer do that AI can’t or won’t?
Colleges are great at teaching students how to access, process, manipulate and report on data. However, within a
few years Artificial Intelligence is going to take over those functions.
People who wish to keep working will need to perform such tasks as:
* Dealing well with people
* Creativity
* Intricate, individualized service skills such as plumbing, carpentry, and HVAC
Sales, entrepreneurship, and writing that’s outside the box are some functions that come to mind.
If your college is not teaching you post-A.I. skills, how do you expect to pay off your student loans?
If you’re interested in opting out of the great college hoax, and learn how to make money now, contact us today.
Share this post and help spread the love!
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Steven L. Rhyner
Thank you for reading my posts! If you would like to connect, reach out to me on
Facebook.
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THE GREAT COLLEGE HOAX ON THE CURRENT GENERATION

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