The SubPrime-Like Government Push to Get Everyone a College Degree...by Robert Wenzel
...is ruining a generation that has no idea how to work or find a job. Even NYT gets it (partially), as this anecdotal story shows. What NYT gets is that there are a lot of college graduates without jobs. What NYT doesn't get is that government is the cause. The wholesale creation of degree factories, as a result of government sponsored programs, has diluted the value of a college education. 1. Because many more have them and 2. The quality of knowledge by those who have graduated has declined dramatically. On the demand side, the government manipulation of the economy has made it extremely risky for firms to take on new hires, as the firms don't know what the economy will bring, and they don't know what new regulations will be hoisted upon them and any new employees. NYT very aptly titled its article: A New Generation, an Elusive American Dream. As I wrote recently, like the housing dream, "the college degree as the key to success dream" is dead. There's going to be an entire generation of very disillusioned people coming out of colleges. They were promised the world, but they are getting a Big Fat nothing. Given that NYT sees it, you know it is starting. July 8, 2010 Copyright © 2010 Economic Policy Journal
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