Prologue
For brevity sake, I will state
here only a few observations and economic principles.
The Lure Of Higher Pay
We were reassured for decades that
a college education would certainly increase the remuneration for our children
or ourselves. We were constantly presented with statistics that claimed to
confirm this. Thus, more people were attracted to study for a higher degree.
A Glut Ensued
Like affordable housing,
government eagerly promoted and subsidized higher education for all. Like so
many times before in history, government is a bad judge.
Like a self-fulfilling
prophesy, the more people have a college degree the higher would be their
earnings.
However, the more people have
a higher degree, the greater the supply which depresses remuneration. This is
the situation we have arrived at.
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