Photo:Manfred Werner
Approximately 41 percent of all recent graduates are working jobs that do not require a college degree. It is shocking when you consider that 17 percent of hotel clerks and 23.5 percent of amusement park attendants hold 4-year degrees. None of these jobs have traditionally required a college degree. But due to a competitive job market where most applicants have degrees, many recent graduates have no means of distinguishing themselves from other potential employees. Thus, many recent graduates have no other option but to accept low-paying jobs.The value of a college degree has gone down due to the vast increase in the number of workers who possess degrees. This form of debasement mimics the effect of printing more money. Following the Law of Supply and Demand, the greater the quantity of a commodity, the lower the value. The hordes of guidance counselors and parents urging kids to attend college have certainly contributed to the problem. However, public policy has served to amplify this issue.
Recommended Reading:
Peter C. Clark: Why college degrees are losing their value.
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