05 June 2013

The New Slavery



Then last week I received a report from consulting firm McKinsey, done together with student website Chegg, which is making that pit in my stomach deeper. In October and November of last year McKinsey surveyed 4,900 former Chegg customers, a mix of young people who went to private, public, vocational and for-profit institutions. The findings are truly sobering. Nearly half of grads from four-year colleges are working in jobs that don’t require a four-year degree. A striking sub-fact: grads from public universities are 11% more likely to feel overqualified than those who went to private schools. I would have thought it would be the other way around.  The study cites a Bureau of Labor Statistics number that underlines the McKinsey findings: 48% of employed U.S. college grads are in jobs that require less than a four-year degree.
Even more chilling than those numbers is a figure I read some time ago that I can’t get out of my head: In 2011, 1.5 million, or 53.6% of college grads under age 25 were out of work or underemployed, according to a 2012 Associated Press story that used an analysis of the U.S. government’s 2011 Current Population Survey data by Northeastern University researchers, plus material from Drexel University economist  Paul Harrington, and analysis from liberal Washington, D.C. think tank, the Economic Policy Institute. [Emphasis added.]

It’s not a shock to anyone who reads this blog that college is a scam.  But more than that, college and its attendant debt are nothing more than a form of slavery, wherein people sell themselves into a form of slavery for the privilege of what has now become a meaningless status symbol.  Now that everyone has a bachelor’s degree, there is little point in proclaiming that you, too, have a bachelor’s degree.  All that is left, then, is debt and a meaningless piece of lambskin-esque paper.