At what point does formal education become overpriced? How much debt is too much? Many younger Americans are saddling themselves with so much debt that they will not be able to borrow enough to buy a home (at least not at current prices).It's particularly grim in California. Richard Vedder's research assistants have done some digging in Bureau of Labor Statistics reports to reach a grim conclusion.
Only a minority of the increment in our nation’s stock of college graduates is filling jobs historically considered as requiring a bachelor’s degree or more. (We are working to integrate some earlier Edwin Rubenstein data on this topic to give us a more complete picture of this trend).A university education is not necessarily job training, but years of access-assessment-remediation-retention have degraded the higher-level thinking skills, let alone the awareness of the Great Questions, that are good alike for the symbolic analyst or the cashier or the engineer. Minding the Campus asked a few of its regulars to contribute to a forum, "Do We Need More College Grads?" Here's Stefan Kanfer.
It's not necessarily the case that curriculum committees have taken the wrong side in the culture wars. It's more likely the case that faculty get the message to let the intellectual lightweights through, if they're not complicit in the conceit that completion for its own sake is to be desired. Daphne Patai sees it that way.But the principal reason for the lack of high-grade employment lies with the colleges themselves. Anyone who inspects their catalogues will find a glut of courses designed to separate the student from his cash, without imparting anything that might be defined as wisdom. Core curricula that once discussed the great tradition in literature, art, and science, have been elbowed offstage by banal courses in feminism, black studies and queer theory. All too often, the powerful and useful contributions of Shakespeare, Dickens, Tolstoy, Mann, Joyce et al are dismissed as the work of "dead white males."
The result: students who can spout a line of political correctness designed to dazzle their peers and professors. With that and $1.50 they can get a bus ride downtown to the unemployment offices. And when and if they do land a job, chances are that their abilities will be sorely tested because they come to work with an ignorance of history, economics and society.
And, although the professoriate and the administrators fret about strategies to attract and to retain students, the taxpayers are made of stronger stuff.So, in my view, the scandal isn't that students don't find lucrative jobs after college. No; the real scandal is that we're doing so badly what we are supposed to be doing halfway decently: providing our students with preparation to lead lives as thoughtful and free citizens of a democracy. But this failure shouldn't be laid at the feet merely of university professors. The majority of students reach us already poorly educated but well trained in making the least effort. To that, we then add further disincentives: higher grades for less work; fewer requirements, and more credits per course; shorter semesters, reading lists, and students' attention spans.
If we actually demanded that students put in the time, effort, and work required to become proficient in an area, and were giving students the grades they deserved, at least we could be claiming to be fulfilling one of the implicit promises of higher education. But if we did those things, college admissions and enrollments would drastically drop, as young people not interested in or able to make the serious intellectual effort that ought to be the hallmark of higher education, would seek out other ways of achieving their job goals. Meanwhile, the notion that everybody has a right to higher education would be exploded for what it is: an unrealistic and probably pointless pretense. However, I doubt that my fellow faculty members support the endless expansion of higher education out of a desire to line their own coffers. Many seem genuinely to believe that this is akin to the right to primary and secondary school education -- and so it's no surprise that those levels are what higher education has come to resemble. In such a situation, graduates ought to be disgruntled: they end up without either adequate job skills or the education-for-life that in some way they were promised, which certainly does turn their diplomas into a mere piece of paper, a formal requirement easy to despise.
Low college graduation rates are students’ fault, say respondents to an AP-Stanford poll. Some also blamed parents, but most gave colleges a pass.The conscience-cowboys are raising the predictable objections, but the taxpayers see the degree-means-more-income argument for what it is: a statement of appropriable private benefits unworthy of subsidies.
While 88 percent say economic prosperity and quality education are closely entwined, only 42 percent favor raising taxes to pay for better education.Markets, and open voting procedures, tend to reach the right decision, even if participants are not necessarily fully informed.

