Colleges sell Kids Unmarketable Degrees, making them Unemployable and Deep in Debt

Posted by PITHOCRATES - September 8th, 2013

Week in Review

The economy is horrible.  Youth unemployment is soaring.  As is student loan debt.  Which is a big problem when you can’t get a job in a horrible economy.  Or the only job you can get you could have gotten without that costly degree.  And your student loan payment consumes a quarter of your income.  This is not the American dream these kids went to college for.  So why is it so bad for college graduates today?  And why are we looking at a student loan crisis?  Democrats.  In particular, liberal Democrats (see A quarter of recent college graduates lack jobs by John Carney posted 9/6/2013 on CNBC).

At the turn of the century, recent college graduates had an average debt of $15,100. Last year the average debt of graduates was $27,253. This increase in the debt burden has not been matched by economic gains for college graduates. According to the Consumer Finance Protection Bureau, 10 percent of recent graduates of four-year colleges have monthly student loan payments that exceed of 25% of their income. The Bureau of Labor Statistics, which only recently began looking specifically at the employment situation of people in their first few years out of college, says that as of 2011 25.5 percent of recent college graduates were jobless. (Unfortunately, more recent data about recent grads isn’t yet available.)

Seven million borrowers are in default on private or federal loans, according to the CFPB. An additional 8.9 million have deferred payments or have their loans in forbearance. These aren’t signs of a healthy contingent of borrowers.

At the turn of the century more college graduates had jobs and carried less student loan debt.  Back then there were no gender studies.  No minority studies.  No information systems.  People were getting degrees that the jobs of the day demanded.  And because they did they got hired out of college.  Into good jobs.  That allowed them to repay their student loans.  And helped make America the number one economic power in the world.  Today people with degrees that have no market value end up as baristas at Starbucks.  Which they could have done without going $27,253 into debt.

But it’s not their fault.  Colleges told them about the great wealth that awaited them with their degrees in women studies, minority studies, information systems, sociology, French literature, philosophy, etc.,  even though our high-tech economy was demanding people with math and science degrees.  Which is why we have to hand out visas to get foreigners with those degrees to work at US companies.  Because our liberal colleges are getting rich selling ‘easy’ degrees to kids more interested in having a good time while at college.  Which is easier to do when you don’t have a lot of math and science courses weighing you down.

This is why college graduates can’t get jobs and are drowning in debt.  The left’s incessant attacks on capitalism pushed these kids away from the corporate world into more noble pursuits.  By getting degrees that have no market value.  But show that they are not money-grubbing capitalists.  Though they do tend to complain that their degrees (and student loan debt) didn’t bring them the riches the colleges promised them.

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