03.21.2013 0

Bubbles Bursting In Mid-Air

By Albert Maslar — Absent prospects for jobs after graduation, college is not worth incurring six-figure debt not counting loss of wages and entry-level job training. Today’s job market in the US and the world is dismal with real unemployment at about 14 percent and up to 25 percent in some Euro zone countries.

College is over-priced, over-rated, and over-hyped by President Obama who advocates for everyone to go to college.

College is big business favoring big institutions with tenured professors, massive buildings, heavily funded sports programs, and overhead that imparts no particular skills that cannot be learned from part-time attendance at community colleges or with accredited on-line courses accompanied by on-the job training.

For high school graduates it may be wiser for many to use the six-figure debt to buy an existing profitable business and continue education part-time rather than pay that price for partying and developing bad social habits.

Better to learn a valuable trade than education that left unused in the job market rapidly loses its relevancy and value.

Regardless of the major course of study chosen, graduates change their career seven to ten times during their working lifetime making the initial major course less meaningful.

With student debt now exceeding total credit card debt, college and the accompanying debt may be the next bubble waiting its turn to burst.

Albert Maslar is a contributing writer to the Liberty Features Syndicate.

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