Best of the Week
Most Popular
1. Stock Markets and the History Chart of the End of the World (With Presidential Cycles) - 28th Aug 20
2.Google, Apple, Amazon, Facebook... AI Tech Stocks Buying Levels and Valuations Q3 2020 - 31st Aug 20
3.The Inflation Mega-trend is Going Hyper! - 11th Sep 20
4.Is this the End of Capitalism? - 13th Sep 20
5.What's Driving Gold, Silver and What's Next? - 3rd Sep 20
6.QE4EVER! - 9th Sep 20
7.Gold Price Trend Forecast Analysis - Part1 - 7th Sep 20
8.The Fed May “Cause” The Next Stock Market Crash - 3rd Sep 20
9.Bitcoin Price Crash - You Will be Suprised What Happens Next - 7th Sep 20
10.NVIDIA Stock Price Soars on RTX 3000 Cornering the GPU Market for next 2 years! - 3rd Sep 20
Last 7 days
Amazon AMZN Stock PRIMEDAY SALE! Trend Analysis - 20th Apr 21
Stock Market Sentiment Speaks: You May Not Believe My 2021 Targets - 20th Apr 21
Stock Market Phase Two Projection - 20th Apr 21
Are Precious Metals & Miners Starting A New Longer-Term Bullish Trend? - 20th Apr 21
Inflation: First the Gain, Then the Pain… - 20th Apr 21
8 Stock Market Indicators in 1: Here's the Message of the Panic/Euphoria Model - 19th Apr 21
Gold - You Can Win a Battle, but Still Lose the War - 19th Apr 21
Will Interest Rates Rally Further Push Gold Price Down? - 19th Apr 21
Gold Fireworks Doubt the Official Inflation Story - 19th Apr 21
YuanPay Team Discuss The Process Of Crypto Diversification - 19th Apr 21
Central Banks May Ramp Up Gold Buying - 18th Apr 21
How to Get Rid of Driveway Weeds With Just WATER! 6 Months later NO Weeds, Ultimate Killer! - 18th Apr 21
State of the European Markets - DAX, FTSE, CAC, AEX, SMI, IBEX 35, S&P/MIB, Euro Stoxx 50, RTS - 18th Apr 21
Einvestment Fund: What You Need To Know About Investments - 18th Apr 21
Google Alphabet (GOOG) AI Deep Mind Stock Trend Analysis - 17th Apr 21
Stocks and Bonds Inflationary Slingshot - 17th Apr 21
Best Smartphone Selfie Stick Tripod Review by ATUMTEK Works with Samsung Galaxy and Iphone - 17th Apr 21
How to Give Budgie's First Bath | Easy Budgie Bathing and Water Training with Lettuce - 17th Apr 21
Record-breaking Decrease in New Passenger Vehicle Sale in Europe - 17th Apr 21
US Stocks Climb A “Wall Of Worry” To New Highs - 16th Apr 21
Gold’s Singular Role - 16th Apr 21
See what Anatomy of a Bursting Market Bubble looks like - 16th Apr 21
Many Stock Market Sectors Are Primed For Another Breakout Rally – Are You? - 16th Apr 21
What Skyrocketing US Home Prices Say About Inflation - 16th Apr 21
Still a Bullish Fever in Stocks? - 16th Apr 21
Trying to Buy Coinbase Stock on IPO Day - Institutional Investors Freeze out Retail Investors - 15th Apr 21
Stocks or Gold – Which Is in the Catbird Seat? - 15th Apr 21
Time For A Stock Market Melt-Up - 15th Apr 21
Stocks Bull Market Progression Now Shows Base Metal Strength - 15th Apr 21
AI Tech Stocks Buy Ratings, Levels and Valuations - 14th Apr 21
Easy 10% to 15% Overclock for 5600x, 5900x, 5950x Using AMD Ryzen Master Precision Boost Overdrive - 14th Apr 21
The Current Cannabis Sector Rally Is Pointing To Another Breakout - 14th Apr 21
U.S. Dollar Junk Bond Market The Easiest Money in History - 14th Apr 21
The SPY Is Nearing Resistance @ $410… What Is Next? - 14th Apr 21
The Curious Stock Market Staircase Rally - 14th Apr 21
Stocks are Heating Up - 14th Apr 21
Two Methods in Calculating For R&D Tax Credits - 14th Apr 21
Stock Market Minor Correction Due - 13th Apr 21
How to Feed Budgies Cucumbers - Best Vegetables Feeding for the First Time, Parakeet Care UK - 13th Apr 21
Biggest Inflation Threat in 40 Years Looms over Markets - 13th Apr 21
How to Get Rich with the Pareto Distribution - Tesco Example - 13th Apr 21
Litecoin and Bitcoin-Which Is Better? - 13th Apr 21
The Major Advantages Of Getting Your PhD Online - 12th Apr 21
Covid-19 Pandemic Current State for UK, US, Europe, Brazil Vaccinations vs Lockdown's Third Wave - 12th Apr 21
Why These Stock Market Indicators Should Grab Your Full Attention - 12th Apr 21
Rising Debt Means a Weaker US Dollar - 12th Apr 21
Another Gold Stocks Upleg - 12th Apr 21
AMD The ZEN Tech Stock - 12th Apr 21
Overclockers UK Build Quality - Why Glue Fan to CPU Heat sink Instead of Using Supplied Clips? - 12th Apr 21 -
What are the Key Capabilities You Should Look for in Fleet Management Software? - 12th Apr 21
What Is Bitcoin Gold? - 12th Apr 21
UK Covd-19 FREE Lateral Flow Self Testing Kits How Use for the First Time at Home - 10th Apr 21
NVIDIA Stock ARMED and Dangeorus! - 10th Apr 21
The History of Bitcoin Hard Forks - 10th Apr 21
Gold Mining Stocks: A House Built on Shaky Ground - 9th Apr 21
Stock Market On the Verge of a Pullback - 9th Apr 21
What Is Bitcoin Unlimited? - 9th Apr 21
Most Money Managers Gamble With Your Money - 9th Apr 21
Top 5 Evolving Trends For Mobile Casinos - 9th Apr 21
Top 5 AI Tech Stocks Investing 2021 Analysis - 8th Apr 21
Dow Stock Market Trend Forecast 2021 - Crash or Continuing Bull Run? - 8th Apr 21
Don’t Be Fooled by the Stock Market Rally - 8th Apr 21
Gold and Latin: Twin Pillars of Western Rejuvenation - 8th Apr 21
Stronger US Dollar Reacts To Global Market Concerns – Which ETFs Will Benefit? Part II - 8th Apr 21
You're invited: Spot the Next BIG Move in Oil, Gas, Energy ETFs - 8th Apr 21
Ladies and Gentlemen, Mr US Dollar is Back - 8th Apr 21
Stock Market New S&P 500 Highs or Metals Rising? - 8th Apr 21
Microsoft AI Azure Cloud Computing Driving Tech Giant Profits - 7th Apr 21
Amazon Tech Stock PRIMEDAY SALE- 7th Apr 21
The US has Metals Problem - Lithium, Graphite, Copper, Nickel Supplies - 7th Apr 21
Yes, the Fed Will Cover Biden’s $4 Trillion Deficit - 7th Apr 21
S&P 500 Fireworks and Gold Going Stronger - 7th Apr 21
Stock Market Perceived Vs. Actual Risks: The Key To Success - 7th Apr 21

Market Oracle FREE Newsletter

FIRST ACCESS to Nadeem Walayat’s Analysis and Trend Forecasts

Young Americans: Forget Your Student Loans And Move To Gonzo Town

Politics / Student Finances Jun 16, 2011 - 03:29 PM GMT

By: Patrick_Henningsen

Politics

Best Financial Markets Analysis ArticleStone Pinkerton writes: Getting ahead? Going to college? Whether they know it or not, millions of young Americans are joining the ranks of the over-qualified and under paid and unemployed. But heck, you can still give it the “old college try” anyway, but be informed of the pro’s and cons of your decision.


According to the National Bureau of Statistics, there is only one job for every five college graduate applicants in America today. And with most jobs in the US being off-shored to the Far East and Latin America, it’s a safe bet that stat is not changing anytime soon, at least for the next 10 years, unless of course you are going for a position under the Golden Arches.

In the last 12 years, college tuition in the US has risen a staggering 900%, while wages have jumped an impressive… well, err, an average 10%. For the bright, young, and gifted, this equation should really be studied very carefully. Regardless of how bleak the outlook is, America has always been the land of positive thinking and no wonder, as there is no shortage in the queue of 17 year olds dying to (literally) sign their life away to JP Morgan, Citi Bank and Wells Fargo in exchange for in many cases, around $80,000 in student loans.

STUDENT LOAN SUB-PRIME BUBBLE: Cheap loans can really stack up, but the benefits don’t.

Before we rush to judgement, let’s be fair and breakdown what the kids are getting for their 80K. First and foremost, they get that golden fleece, the sheep skin also known as The Degree. In addition, millions of young Americans will be given a four year window in which to master the fine art of drinking beer and how to both hold and suck cannabis smoke from a perspex cylinder. If they have spent their 80K wisely, they will also be gifted cheap tickets to Division I football and basketball games and their fantastic after parties. As a keen sportsman myself, perhaps to best value for the money was the free campus gym membership and intramural sports programs which kept me fit enough to withstand non-stop weekends of partying. On top of all this fun stuff, it’s also a bottomless trough of free time to play computer games in your apartment, eat pizza, screw around with your guitar, and of course, ample opportunities for scouting out members of the opposite sex. Apparently, it all looks good on your CV.

So in summary: lots of beers, drugs, sports, parties, games, sex, and 80K in the hole, with little chance of landing a job after four years. In fact, you will most likely be competing for lower level jobs against seemingly uncool debt-free people who never graduated from university. You might consider that you could achieve all that, and more, by simply going to Thailand for two years… at a cost of $5k.

For those fortunate sons and daughters, the Degree may hold some potential value, but for most its value is purely vestigial. In days gone by, this parchment represented the pinnacle in academic achievement and was your passport to career liberation. In a Darwinian race to land that 1 out of 5 jobs, you will need more than “a well-rounded CV”. This remains the case- only for 20% of the graduate herd, the lucky ones, and the ones with the best connections. The other 80% will unfortunately be disappointed, and will opt for a less glamorous career path like waiting tables, making cocktails or capucinos, lifeguarding, ‘delivering’ things, ‘guarding’ things, lap dancing and/or other forms of prostitution.

GRADUATE OPPORTUNITIES: Lots of cool jobs are waiting for US degree holders.
Even if you are an A or B student, it’s likely that you chose a degree that your high school career advisor told you would be “useful”, or your friends promised would be “easier” in the end analysis. If you fall into this category you would have chosen to pursue a degree in the following: communications, media communications, media studies, public relations, human development, psychology, sports psychology, marketing, advertizing, ”management”, business management, human resource management, occupational therapy, entrepreneurial studies, sports management, sociology, climate change, international relations, journalism, “art”, philosophy, or even (God help you) the once celebrated holy grail of qualifications known as the MBA.

All these degrees mentioned, for the most part, are either completely useless, or they are subjects one could learn in a year to 18 months as an intern in the working world. We could also say safely that none of them are worth $80,000 in student loans, credit cards and other institutional debt that will follow you long into life as your college experience becomes a fleeting, distant memory as you reach 50 years old- wrinkled, sans hair, overweight and kids to feed and cloth. They probably won’t tell you that at your College Orientation Day. That’s the reality of it though.

What’s the alternative? If you live in a socially advanced and utopia society like Gonzo Town, you would be provided with a number of viable and more economically sound options.

Firstly, instead of over-hyping the alleged status of the over-priced university education con, we would advise our little Gonzo Sprites to get a job and go to Community College for two years. By doing this you have the following advantages over your mostly deluded elite counterparts at a four year university. You will have no debt, you can earn money, perhaps live at home and save money, get more or less the same curriculum the university college offers- at a fraction of the cost… and you will save your liver from getting hammered by a barrage of cheap beer every weekend. The draw backs are simply less parties, and you have to put up with your parents for a while longer. But, you can still gate crash spring break and with more money to throw around chasing girls or guys. Quids in, as they say.

Second option: Learn a trade and become a ‘skilled worker’. Here is a truly revolutionary concept, so radical in fact, the entire US and European modern economies were built upon it. Question: who earns more than a lawyer, a resident physician, or most company directors? Answer: a plumber. Do an apprenticeship, as a plumber, electrician, roofing engineer, X-Ray technician, or a building surveyor and you could probably save up enough money by the time you are 35 to fund a dotcom start-up, netting you another few million. Get it? I wish I had (I got my degree in art and philosophy and remain poor, but happy, to this day).

Third option: enlist in the armed forces. On paper the GI Bill looks like a brilliant option- all your bills paid for by US tax payers, no heavy student loans and you get a dose of that legendary “military discipline” we all hear about. Air Force, Navy and a few smart grunts and jarheads excluded, what they don’t tell you before you sign on the dotted line at your local strip-mall recruitment office is that you are now essentially running corporate security for the likes of Beaty Balfour, KBR, Haliburton, Unocal and Exxon. You may also risk having certain areas of your brain de-actived, and possibly removed. These include your moral compass, capacity for creative and original thought, flickering trance-like states induced by the American flag, national anthem, and a loss of your ability to distinguish Osama bin Laden from Ali Baba in Disney’s Aladdin. True hazards of the job.

Fourth option: buy guns and start a survivalist colony in Oregon.

In the end, one can only feel sorry for all those bright young American students who have been sold the perpetual lie that a college education is somehow worth its weight in gold. If you are still a student, you should really be asking your elders and teachers why the last four US Administrations sold out the economy- aka your future jobs, off-shore to China and the like. And then go ask your Professor or Career Guidance Councilor if they themselves would pay $80,000, or $120,000 for a college degree with no job prospects at the end of the line. Send their reply here to Gonzo Town.

Question: Are students, like home buyers pre-2008, being lured into a huge Sub-Prime trap of easy loans and inflated asset (the asset here being a university degree) values?

And still, the richest dudes and babes(mind you, mostly divorced) I’ve known… never did graduate from university.

There it is kids. Go to the Debt-Slave Land of no jobs where you will be unwittingly lining the pockets of shameless banksters (and serving them drinks at the same time), or come study and work in Gonzo Town. Any questions?

Editor Patrick Henningsen

21st Century Wire

Author Patrick Henningsen is a writer and communications consultant and currently the Managing Editor of 21st Century Wire.

© 2011 Copyright Patrick Henningsen - All Rights Reserved

Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.


© 2005-2019 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in

6 Critical Money Making Rules