More Evidence Value of College Education Falling

I just read an article in the WSJ that covered how a college education was no longer a guarantee of a fat salary and a good life. It told the story of Bea Dewing who earned a second degree in computer science, worked for Sprint, got laid off, and then had a terrible time finding a new job. She eventually found another one seven years later at Wal-Mart, workin for about 20% less in inflation adjusted dollars. The article states that:

"College-educated workers are more plentiful, more commoditized and more subject to the downsizings that used to be the purview of blue-collar workers only. What employers want from workers nowadays is more narrow, more abstract and less easily learned in college."

You have to be a lawyer who specializes in something exotic, like "catastrophe bonds" or a Wall Street hedge fund manager to earn a decent return on a college education, especially a private school education.

I wrote an earlier article questioning whether it was worth $200,000 to attend a private university. My grandfather never went to college and he was a successful, intelligent businessman. It seems to me that college is going back to the days when only the super-wealthy could afford to spend the time and money.