I recently ran across this article on the Web written in 2000. I'm interested in what others think about it. Is this hallucinating? A prophet? I have seen some evidence, personally, in my recent employment search. People with double MBA's looking for work, etc..As my President said, "Bring it on!"
Why Would Our Colleges Lie To Us?
The reason our colleges and universities have lied to us is to make everyone want to go to college. Increased demand for a college education also meant an increased demand for college professors and administrative staff which drove up salaries for college professors and administrative staff. Basically, they lied to increase their income.
Will College Educations Eliminate Poverty?
There are and will only be so many jobs for people with a college degree regardless of how many people get a college degree.
This has already occurred. I began hearing about this in the early 1990's and have sense personally experienced it myself. After I got my Master of Business Administration in 1996, I have not been able to get a job with it. It seems that with my personal experience, I should be paid in the range of at least $40,000 to over $65,000 for general management. There are so many MBA graduates with no experience who can be hired for less that no one wants me.
In the interim, I obtained a job working for America Online as a phone technician making $7 per hour. I was amazed that over half of the employees working there had one or more college degrees and were only making $7 per hour. I met one person who had two PhD's and was only making $7 per hour and was glad to have it.
What this over education of our society is doing, is that businesses now have the luxury of not hiring more experienced and more expensive labor and hiring less experienced and cheaper labor. This means that older people are increasingly finding it tougher to get jobs. These "older" people are getting younger. It started out being people in their 40's and 50's and is now happening to people in their 30's.
I also heard that this has reached a point to where businesses are now even willing to risk law suits by firing more experienced employees to hire less experienced and cheaper labor. The courts are permitting the businesses to get away with this because they are claiming that the people are not being fired because of their age but because they are more expensive to employ. Therefore, goes their logic, it is because of cost and not age. Yeah, right!
More and more of these college educated people are being forced to accept jobs in unskilled labor making less than $10 per hour.
The Big Scare
The second lie was a big scare designed to make people fearful of not having their children go to college. They did "studies" showing that there was an increasing economic gap between those who go to college and those who don't. What they did was put skilled labor with unskilled labor so that we could not see that skilled labor makes pretty good money. As a matter of fact, many people in skilled labor are making as much or more money than many people who have college degrees. They didn't want you to know that so you would think that the only way your children could have a chance was to get a college education.
So What Is Going To Happen?
Where are we getting all of these college students from? They are people who would have gone into skilled labor. We are going to develop a shortage on skilled labor.This will increase salaries for skilled labor. Where are these businesses going to get the extra money for the skilled labor they need to produce their product? You know they won't take it from their profits. The only place they can take it from will be the salaries they would have paid to college graduates. The businesses must bid down the college graduates' salaries to increase the salaries for the skilled labor.