We’ve written about it quite a bit here on Construction Citizen, and the New York Times recently delved into how young people are able to rack up six-figure student loan debt. Now, a new book by Glenn Harlan Reynolds argues that the “Higher Education Bubble” is a potentially worse crisis than even the housing bubble that cratered the economy when it burst in 2008.
I just watched this video in which Reynolds explains the problems young people – and the economy in general – are presented with because of the “college-for-all” crusade. Reynolds points out that “Six figure student loan debt is fast becoming the norm,” and that the skilled trades may be a better path for many people.
“Seven of the ten fastest growing jobs in the next decade will be based on on-the-job-training rather than higher education,” Reynolds says. Those are jobs that require the person to physically be in the area where the product or service is purchased. For example: if your toilet needs repair, that can’t be done by someone in India.
Check out the video and let us know what you think in the comments.
Comments
Need an Education
If you can run up a six figure student loan to get a higher education, then the student and the parents need an education on how to manage money.. Many of my peers that have received a degree used their local community college to acquire allot of their college credits.
The bubble they speak of is a the box they are in expecting the high paying job that's waiting but not there.
Many of these same schools said the oil and gas business was going to be dried up .. Oil and gas will be with us for sometime to come.
There is nothing wrong with a higher education that cant be taken away from you even if you go into the building trades. Just don't expect the someone else to pay for it for you.
Thank you Construction Citizen!
Thanks for tracking down this great video. It does an outstanding job of explaining something we all know, but don't fully understand ... all in less than 5 minutes. This book is officially on my Reading List. Thank you Construction Citizen!
Add new comment