Over at Freedom Is Groovy, Mr. Groovy starts his latest blog post with this eye-catching first sentence, “A bachelor’s degree is one of the biggest scams ever perpetrated against the American public.” I had a few thoughts on the topic and left some comments.
Interestingly, soon after reading his post, I came across an article at ProPublica, posted a few days ago, which opined that public colleges play a special role in making higher education affordable. However, in recent years soaring tuition is pushing that dream out of reach. Of particular note, from 2000 to 2014 the average cost of in-state tuition and fees for public colleges in the U.S. rose 80%. During that same time period, the median American household income dropped by 7%. Disconcerting indeed.
Among my replies was this thought …
I can think of two good reasons to go to college: higher salaries and lower unemployment. Some stats from the Bureau of Labor Statistics …
Median Weekly Earnings:
High school diploma – $678
Bachelor’s degree – $1,137
Master’s degree – $1,341
High school diploma – 5.4%
Bachelor’s degree – 2.8%
Master’s degree – 2.4%
If you have a chance to check out both pieces, I would love to get your thoughts on the value of a college degree, the increasing cost of attaining one, and the relationship of both to income (i.e. paying for college when incomes are down and the relationship between education level and income).