In many cases, it is. I’m glad I made it through without any student loans, though I was paid fairly well upon graduation as an engineer in the early eighties. But it’s really crazy to spend as much money as a degree costs when the degree has no marketable value.
I think that overrated higher education is the next government-financed bubble to pop.
[Update mid afternoon]
Derb has some more reader emails:
I made the same mistake myself: a BS in Geography is worth nothing on the job market. If I had it to do over again, I’d have taken shop classes in high school (assuming that they existed) and gotten a 2-year blue-collar technical degree. Other than engineering and business degrees, most college BSs and BAs are worthless.
and this:
Higher education is the biggest scam going. I don’t think that’s news to you (or Charles Murray). What’s really disheartening is that the business world plays along — demanding four-year degrees for positions that shouldn’t require them. It’s just a lazy way for them to make their “first cut.”
That is the problem. As Derb says, an aptitude test would do a better job, but it might not provide enough “diversity,” so the degree has become a poor surrogate. And it reminds me of NASA’s astronaut selection policy. It likes to select PhDs, or at least grad degrees, not because they are necessary for the job, but because they have so many more applicants than positions, it makes a handy filter.
But if I were a businessman, and I was just looking for a degree as evidence that the holder at least had the stick-to-it-iveness to get a degree, I’d be just as happy, and perhaps happier, with a technical associates degree than a bachelor’s in French Lit. Or even English.