Here comes the “pop” for the Education Bubble

College diplomas probably aren’t going to pay off like they used to.

After spending tens of thousands of dollars on higher education, often
taking on huge debts along the way, many face a job market that doesn’t
seem to need them. Not only is the American economy producing few new
jobs of any kind, but the ones that are being added are overwhelmingly
on the lower end of the skill and pay scale.
But there’s still a lot of angst. Kyle Daley, 23, of Walnut Creek,
Calif., graduated from UCLA a year ago with a bachelor’s in political
science and is still looking for a job. Recently he put his resume into
an old wine bottle and threw it into the Pacific Ocean. [Yeah, that’s gonna work.  Is that what they teach in PoliSci?]

Here’s the best advice:

"Don’t train yourself or your children [in work] that a computer can do or a smart kid in China or India can do. Because that’s ferocious competition."

Tip from the Instapundit.

Update (17 June).  Andrew Gelman wants to fiddle with the interpretation of SAT scores for admission so even more kids (most of them poor) have an opportunity to go to college and get useless degrees.  Nice.

Community College Spotlight provides a simple classification system for colleges, and says the low-prestige ones are in trouble.  Tip from Joanne Jacobs.

Update (19 June). Randall Sherman explains the coming bubble in great detail, with a promise of more to come.  He cites Marty Nemko

Americans now believe that every young person can benefit from going
to college, said Marty Nemko. It’s just not so. For students who
graduate high school in the bottom 40 percent of their class, college is
usually a waste of money: More than two-thirds of such students who
enroll as freshmen, research shows, fail to earn a college degree.
Colleges, which are businesses first and foremost, gladly admit these
ill-prepared students, cashing their tuition payments but doing little
to prepare them for the real world. When they wind up dropping out,
these failed students leave campus “with a mountain of debt and
devastated self-esteem from their unsuccessful struggles.”

Tip from the Instapundit.


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