There’s nothing like going $40,000 into debt to get a degree that isn’t required for the job you end up getting, if you get one at all. SAT scores prove that most kids going to college shouldn’t be there in the first place. The only thing propping up the higher education scam is the cheap easy debt being peddled by the Federal Government. If you turn off the spigot of debt, the marginal institutions, along with the for profit scam artist organizations will disappear. With less dumbasses entering college, the tuition prices would drop. Don’t go to college unless you have the aptitude and intelligence to do so.
Guest Post by Karl Denninger
So You Want To Go To College Eh? (To Our Young People)
Look folks, I know, you’ve applied and been accepted.
You’re ecstatic at going off to school in late August or early September.
Before you do it, think long and hard about it.
The Bureau of Labor Statistics issues 10-year projections of job growth by occupation, including estimates of the “typical education needed for entry.” The most recent projections cover 2012 to 2022. During that period, there will be an estimated net increase of 15,628,000 jobs, but only about 27 percent of them (4,230,500) will require a bachelor’s degree or more. More than twice as many of those jobs (8,789,200) are estimated to require no postsecondary education at all. In the 2001-11 decade, about 15 million people received bachelor’s degrees, and the number of college graduates per year has been rising.
Only about one in four of the jobs created over the next 10 years will require a college degree, and more than double that many people, including you, will receive one.
It is time for you to sit down and perform an honest self-assessment, because you are about to embark on a choice as an adult that will change your life. It will either change it for the better or it will change it for the worse — and in fact it may economically destroy you.
This is particularly true if you find yourself in the same situation as most, where you are going to to be taking on any debt whatsoever to go to school.
Let’s take a look at the assumptions (once again) that you are making and have been sold:
•Your cost of attendance and thus the amount of debt you will take on are predicated on you finishing school in 4 years.The odds are you will not do so, unless you’re attending one of a handful of very select schools. Most schools intentionally try to erect roadblocks should you stumble in any way in your progression through their program. Your course catalog is a contract, but if you miss just one requirement for any reason you can’t hold them to it if that impacts your progress. What are the odds you will have not one adverse life event over the next four years? Be honest with yourself — virtually everyone has an adverse life event over that period of time! If it takes you six years to finish your costs will be 50% higher than projected.
•If you never finish will your partial education have any value in the marketplace at all? Maybe, and maybe not. But you’re still stuck with the debt. Which is better — pulling coffees at Starbucks with or without $20,000, $40,000 or even $100,000 of debt to pay off? You do the math on that.
•Even if you do finish, what’s the monthly payment on that debt? How will this impact your ability to buy a house and start a family? Are you prepared to sacrifice that goal for a decade to pay down that debt? Think long and hard about that.
•Are you really the exceptional one in whatever field you are choosing to study? Here’s reality for you: The 10% of people in any field usually do ok, irrespective of the obstacles before them. Why? Because they’re exceptional, that’s why. You have been lied to serially since grade school if you are like most kids these days with “graduation” ceremonies going back to your elementary days, handing out awards for things like “exceptional physical education” to every single kid in the class. That’s a lie because it’s impossible for everyone to be “exceptional”, and yet that’s what you’re sold. The odds are 1 in 10 that you are actually the exceptional one. If you are he or she, you’ll probably do ok. If you allow the delusion sold to you to become internalized you will destroy yourself instead.
Now might this pessimism be wrong? Sure. But this much I do know — those with vested interests in selling you something will never tell you that the future is bleak when getting you to impoverish yourself so they can get rich(er) requires that they tell you it will be partly sunny and warm tomorrow.
This is true even if they know there’s a damned hurricane coming and what you ought to be doing is boarding up the windows instead of sitting on the beach marveling at the nice waves rolling in.
We all think we’re exceptional. And we all are — at something. But schools are not only derelict at detecting and nurturing that part of us, they’re diametrically opposed to it because once you discover what you’re really good at you don’t need them any more.
The human animal is born wanting to learn. Watch any baby for a few minutes and you’ll see for yourself. The fundamentals necessary to learn anything — how to read, write and perform basic arithmetic up to exponents — can be taught to any six year on within a few short years, certainly by the time said kid is 10.
The rest is about desire.
The truth is that you are seen by the people of this nation who are older than you, particularly those in the educational system and government, as product. You are a resource to be bled through taxation and fee. You are asked in the name of “country” to get up and go to work — not for yourself, but so you can pay taxes. Think I’m wrong:? Then why did we spend over $2,000 billion last year on social programs and yet for less than 1/4 of that we could give every family in America a $32,000 after-tax income? We could eliminate poverty for every American citizen right now, forever, and we’ve been able to do it since you were an infant. At the same time we could cut federal taxes (all of them) by 30% and eliminate the deficit. All at once. That’s the math folks.
Unfortunately we don’t do any of that in this country. Instead we assess your property, we tax your car, we force you to buy insurance of various sorts and if you have a job today you know all about paying taxes because on your pay stub they’re in your face every Friday.
You are expected to carry on in the face of this and you probably will because frankly, the people of this country no longer have the stomach to put a stop to grift, fraud, theft and outrage. It seems we lost the willingness to do that long before the calendar flipped onto the 20th century. Instead we fill our lives with dreams of Ponzi finance — get rich schemes that all devolve into “get yours no matter what, then run like hell before anyone else can grab it from you.” This is a losing game over the long run for most, but we’re all sold that we’re exceptional — we’re all that 1%, or is it the 0.1%?
Irrespective of that, however, there is no shame in refusing to go into debt to the tune of tens of thousands of dollars because someone tells you it’s what you “should” do, or that the market “demands” it, or that you’re “special.”
Only you know if the path you’re on is really one that tailors to your own personal exceptionalism. The odds are extremely high that it is not, and you are not — not on the path you’re on.
If you’re the one in ten on your chosen path, then stay on it and pursue it. It’s worth it.
If you’re in the 90%, and most of you are, then you need to take the next couple of months and figure that out. You need to change your path before it absorbs you and the machine of lies and deceit put forward both by those who do know better and don’t give a damn (that includes most of your government and people at your school) or those who have fallen for the insanity themselves (that probably includes your parents) grind you up.
In short, you need to change the path you’re walking on before you step off the cliff — it’s a long way down and that’s a knapsack on your back, not a parachute. And while the fall may be exhilarating I assure you that the last quarter of an inch is a real bitch.
You see, you’re either not a kid anymore today, or you soon won’t be.
You’re on the threshold of being an adult.
With adulthood comes the responsibility for your actions and inactions, whether you’ve been duped or not. You, and nobody else, is going to have to live with the outcome of your choices — whether they were made in a fully-informed manner or whether you were only told half the story — or worse, were intentionally lied to. And believe me, when it comes to whether you were lied to — you were.
So if you’re a young person graduating this week, or in the immediate future, step back and think before you step forward.
Your future no longer depends on others.
It now depends on you.