A university education bubble has evolved, a result of distorted economics, bad government policy and social pressure. Government subsidised loans have made university attainable for many, but have created a debt for life culture in their wake. Obtaining a degree used to mean better wage and career prospects, but the reality is that most of us now have or could have degrees, rendering them a hygiene factor, rather than economic mileage. The market will eventually figure out that a degree doesn’t mean what it used to, leaving graduates with a depleting asset whilst their debt racks up interest. The US high-school drop-out rate is now 3 in 10, and less than a third of young people finished college, but what if these millions of so-called dropouts are onto something? As high schools and unis prepare the next generation for jobs that won’t exist, a dropout revolution could well be underway, sparking a new experiment in ways of learning and living.
Such new ways can be seen in the rise of ‘freeganism’ and in the small but growing ‘cage-free families’ who’ve abandoned their suburban lives for the open road. We also see it in the rising number of high school seniors taking gap years. We live in an age where there is a dearth of craftsmen— and as society evolves in the direction of renewable energy and rail transport, there will be plenty of jobs building windmills, installing solar panels, laying high speed rail. The world needs more skilled carpenters, painters, electricians, plumbers, glaziers, masons and auto-mechanics. These are jobs that cannot be outsourced to China or India and could become occupational choices for a huge number of our citizens. Master craftsmen can earn six figures. Even journeymen craftsmen routinely make incomes in the top half of the income distribution.
The technological revolution has made degrees look increasingly irrelevant for many. Bill Gates didn’t graduate; neither did Michael Dell, Mark Zuckerberg or Steve Jobs for that matter. Such figures show that diverting from the standard school path doesn’t always lead to a dead end. If it leads you toward a trade where you can earn a living and be proud of your achievements surely it’s for the best. So as the higher-education industry continues to agitate for university for all employers are demanding actual evidence you are good at something. More and more, people are being judged by skills rather than a piece of paper. What this highlights more than anything is a failure on the part of universities that have become institutions churning out degrees and diploma’s with no real meaning, driven to perpetuate themselves and extend their budgets.
Thanks to Gavin Cumine for this story.
References
Business Insider
Time
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