Best of the Week
Most Popular
1. Dollargeddon - Gold Price to Soar Above $6,000 - P_Radomski_CFA
2.Is Gold Price On Verge Of A Bottom, See For Yourself - Chris_Vermeulen
3.Dow Stock Market Trend Forecast 2018 - Nadeem_Walayat
4.Gold Price to Plunge Below $1000 - Key Factors for Gold & Silver Investors - P_Radomski_CFA
5.Why The Uranium Price Must Go Up - Richard_Mills
6.Dow Stock Market Trend Forecast 2018 - Video - Nadeem_Walayat
7.Jim Rogers on Gold, Silver, Bitcoin and Blockchain’s “Spectacular Future” - GoldCore
8.More Signs That the Stock Market Will Rally Until 2019 - Troy_Bombardia
9.It's Time for A New Economic Strategy in Turkey - Steve_H_Hanke
10.Fiat Currency Inflation, And Collapse Insurance - Raymond_Matison
Last 7 days
Golden Sunsets in the Land of U.S. Dollar Hegemony - 20th Sep 18
5 Things to Keep in Mind When Buying a Luxury Car in Dubai - 20th Sep 18
Gold Price Seasonal Trend Analysis - Video - 20th Sep 18
The Stealth Reason Why the Stock Market Keeps On Rising - 20th Sep 18
Sheffield School Applications Crisis Eased by New Secondary Schools Places - 20th Sep 18
Precious Metals Sector: It’s 2013 All Over Again - 19th Sep 18
US Dollar Head & Shoulders Triggered. What's Next? - 19th Sep 18
Prepare for the Stock Market’s Volatility to Increase - 19th Sep 18
The Beginning of the End of the Dollar - 19th Sep 18
Land Rover Discovery Sport 'Approved Used' Bad Paint Job - Inchcape Chester - 19th Sep 18
Are Technology and FANG Stocks Bottoming? - 18th Sep 18
Predictive Trading Model Suggests Falling Stock Prices During US Elections - 18th Sep 18
Lehman Brothers Financial Collapse - Ten Years Later - 18th Sep 18
Financial Crisis Markets Reality Check Now in Progress - 18th Sep 18
Gold’s Ultimate Confirmation - 18th Sep 18
Omanization: a 20-year Process to Fight Volatile Oil Prices  - 18th Sep 18
Sheffield Best Secondary Schools Rankings and Trend Trajectory for Applications 2018 - 18th Sep 18
Gold / US Dollar Inverse Correlation - 17th Sep 18
The Apple Story - Trump Tariffs Penalize US Multinationals - 17th Sep 18
Wall Street Created Financial Crash Catastrophe Ten Years Later - 17th Sep 18
Trade Wars Are Going To Crash This Stock Market - 17th Sep 18
Why Is Apple Giving This Tiny Stock A $900 Million Opportunity? - 17th Sep 18
Financial Markets Macro/Micro View: Waves and Cycles - 17th Sep 18
Stock Market Bulls Prevail – for Now! - 17th Sep 18
GBPUSD Set to Explode Higher - 17th Sep 18
The China Threat - Global Crisis Hot Spots & Pressure Points - 17th Sep 18 - Jim_Willie_CB
Silver's Relationship with Gold Reaching Historical Extremes - 16th Sep 18
Emerging Markets to Follow and Those to Avoid - 16th Sep 18
Investing - Look at the Facts to Find the Truth - 16th Sep 18
Gold Stocks Forced Capitulation - 15th Sep 18
Hindenburg Omen & Consumer Confidence: More Signs of Stock Market Trouble in 2019 - 15th Sep 18
Trading The Global Future - Bad Consequences - 15th Sep 18
Central Banks Have Gone Rogue, Putting Us All at Risk - 15th Sep 18
Gold Price Seasonal Trend Analysis - 14th Sep 18
Growing Number of Small Businesses Opening – and Closing – In the UK - 14th Sep 18
Gold Price Trend Analysis - Video - 14th Sep 18
Esports Is Exploding—Here’s 3 Best Stocks to Profit From - 13th Sep 18
The Four Steel Men Behind Trump’s Trade War - 13th Sep 18
How Trump Tariffs Could Double America’s Trade Losses - 13th Sep 18
Next Financial Crisis Is Already Here! John Lewis 99% Profits CRASH - Retail Sector Collapse - 13th Sep 18
Trading Cryptocurrencies: To Win, You Must Know Where You're Wrong - 13th Sep 18
Gold, Silver, and USD Index - Three Important “Nothings” - 13th Sep 18
Precious Metals Sector On a Long-term SELL Signal - 13th Sep 18
Does Gambling Regulation Work - A Case Study - 13th Sep 18
The Ritual Burial of the US Constitution - 12th Sep 18
Stock Market Final Probe Higher ... Then the PANIC! - 12th Sep 18
Gold Nuggets And Silver Bullets - 12th Sep 18
Bitcoin Trading - SEC Strikes Again - 12th Sep 18

Market Oracle FREE Newsletter

Trading Any Market

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.


© 2005-2018 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