Many are discussing the higher education bubble and wondering if a degree and college education is really worth the value it advertises. There are multiple sides to the debate. One side is outraged that the value of higher education is being put to the test, and citing statistics that show a large gap between college-degree holder employment rates and non-degree holder rates (those with college degrees have a 4.3 unemployment rate, those without have a close to 9.7 percent rate). Others like D. Saunders of the San Francisco Chronicle seriously question a degree’s value, if not outright dismissing it as useless. They cite statistics regarding tuition inflation, and that measures taken by the federal government such as President Obama’s Denver address, as of yet has not truly helped the over-burdened and debt-ridden degree-holder hopeful.
College’s “Bottom Line”
There is truth to all these arguments. Both sides have strong statistics, reasoning and are logical about costs. However, what is sad about this entire discussion is the “bottom line.” In every discussion, a degree has become a monetary transaction; a cold calculation of cost-benefits that has led governors such as Florida’s Rick Scott stating how colleges should no longer commit resources to useless subjects. One cannot worry that the world is becoming too business-minded, too money-centered; the populace’s mindset reflecting the very CEO’s that we so vehemently disparage in our newspapers, chat-rooms, and homes.
One cannot agree more that people are to worry about the higher education bubble. However, one also cannot too quickly discount benefits of a proper education that go far beyond the bank account. It may not be the wisest move to begin only regarding college as a mere pathway onto a comfortable lifestyle – and that is what the debate revolves around.
Reconsider Where the Blame Lies
As many struggle in the weak economy, and end up getting degrees only to find themselves in more debt and worse off than they were before, I would implore you to reconsider the angry blame one is likely to place on “greedy academics.” Before one writes college off as a useless, costly misjudgment, consider what you learned, consider the fact that now you (should) have more skills than before, such as critical thinking and analytical reasoning. These skills are likely to prepare you for an uncertain future and a larger, more comprehensive understanding of any task that is set before you. You have been able to discuss and bounce ideas off of classmates, gain studying skills, and figure out how to better communicate with professors and various types of people. These skills may not directly translate into an identifiable amount, but in any endeavor you may take in the future you are better equipped than you were before. Also, consider this – how can colleges be “eggheads” who “cash in” on students’ misfortune and the Fed’s generosity when colleges themselves are struggling? Is it truly the colleges’ fault that the Lehman Brothers went under in 2008? Is it their fault that wealth is now concentrated primarily in the top 1 percent of the American population? I would hazard a “no”. Granted, the schools are hardly saints, and make bad decisions as well; but are hardly the demons we need to be berating for our financial woes.