The Education Scam
Are millions of young Americans being completely conned?
Recent estimates put the student loan debt at roughly $1.5 trillion. Notice that is a "T" and not a "B". Many young people are leaving school with debt that rivals a mortgage payment.
Of course, there is nothing wrong with investing in oneself if there is a payoff. Unfortunately, for all these kids, this appears to be a losing proposition. The debt that is being accumulated is not being offset by the earnings receive from one's career. In fact, it is not uncommon for people to have to take entry level jobs in spite of having the college degree.
Education is one of the arenas that I feel is primed to be disrupted. Companies, especially those in Silicon Valley, are starting to accept applicants who do not have a college diploma. They realized this does not reflect one's ability to benefit a company or to handle a job. Instead, they are looking at the qualifications in the realm that the applicant is going to be operating within.
What is interesting is that some of the most successful people did not graduate college. These people were able to become billionaires without having that piece of paper that we are told is required for success.
In addition to Bill Gates, we see people such as Steve Jobs, Richard Branson, and David Geffen. None of them had diplomas yet were able to ascend to the top of their industries.
Here is a list of the top 20 businessmen who lack a degree.
https://www.thegentlemansjournal.com/20-of-the-most-successful-businessmen-without-degrees/
With little payoff but enormous levels of debt, is upper education truly a scam. Certainly, one does not need to spend four years in school to get a job bartending or waiting tables like many graduates are forced to do.
And now, with companies looking beyond the diploma, will we see a radical change in the path young adults take? In the past, without a degree, one could not get in the door. These days,that is changing.
Sadly, we are going to see another couple "generations" of teens enter college and leave with a huge amount of debt. It is likely that we will see this taking place for at least another 8 years. It is difficult for the mindset of people to change.
However, I surmise that after that, the impact on schools will be swift. We are likely to see a large number of private, for-profit colleges going under.
There are other ways to get the education one needs.
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It becomes obvious to me that not only are citizens going to stop paying for education, they'll be paid to become educated. The system is going to be flipped on its ear.
Once some of the corruption is stripped away from our governance structures, the new generations that ascend to power are going to realize that it makes sense to pay people to do things that they once had to pay for.
Education, diet and exercise, healthcare and wellness, etc. These are all parts of life that citizens would be much more inclined to participate in if they were being paid to do so.
As decentralized governance structures (crypto city-states) start to take root in this world, they're going to need to find ways to outmaneuver the status quo. Paying citizens to plan for the future is an avenue that the legacy economy will never be able to monetize effectively, but we can.
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Hi @edicted
I agree, part of the vision Dan Larimer wrote about in his early writings on DPOS was to replace government enforced behavior at the end of a gun barrel with voluntary compliance because it pays. The previous society model of molding behavior by negative reinforcement has been shown not to work because humans don’t think they will get caught. On the other hand rewarding good behavior even irregularly has positive results, because all believe they can win!
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I agree @edicted. It is a novel idea but one that is completely capable under cryptocurrency. Crypto-economics is going to usher in a completely new era structuring society.
How soon until the masses sign on? There is no telling. We are going to see a lot of changes in terms of technological possibilities, whether the people are ready or not is the question.
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Hi @taskmaster4450le
I agree that the four year education degree has little value in the marketplace and can saddle young people with large debts, which deplete their monetary resources and crush their dreams. I think education is very overpriced and the ROI isn’t there anymore. I think the rise of 12 month job ready schools whose curriculum is dictated by the future employers is clear evidence that an overhaul of higher education is needed. These schools advertise their graduate hire rates and salaries, something four year schools never do.
Plus I see more employers asking for job candidate portfolios, which contain examples of their work which is relevant to the job, not their degrees. This is yet another indication that the current four year college isn’t producing people who are job ready, just debt laddened.
Good post.
✍🏼
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I certainly see an era where people go to short term, 6-12 month, programs to learn the skills they need.
As @edicted mentioned about, we might even see people being paid to go back and take another course.
The possibilities are truly endless.
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I often wondered why US graduates don't just move overseas with the qualification and default on the debt. Is it unthinkable to leave the states and never come back?
#polanski
Simply put @mattclarke, it is American arrogance and the fact that most do not travel abundantly. The perception is most other countries outside the states are ass backward and one step away from the Stone Age.
Obviously, this is untrue for most of the world but that is the perception that is presented.
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