Tag Archives: College

The College Collapse

https://westernrifleshooters.files.wordpress.com/2018/09/iu1.jpeg

“..What this tells us is the elite are beginning to set fire to the bridges over the river that separates them from us. The positions in the Cloud will require passing through one of the monasteries to be properly vetted. In the future, the Dirt People will have to sort out their status system within their favelas…”

Back when National Review first allowed comments on their posts, they would post all sorts of things in their group blog. Readers would respond to all of it. For example, when they were looking for a receptionist, they posted the job on the blog. Hilariously, one of the requirements was a four-year degree. Why anyone with a college degree would take a receptionist job was a mystery, but an even bigger mystery was why National Review would require it. The comments on it were the best things posted that week.

Of course, Rich Lowry was not really thinking about the requirements of the job when he posted it. What he wanted was someone from his world, the world where everyone goes off to college and sends their kids off to college. In other words, he was signalling to potential applicants that he did not want Rosie from the neighborhood, who likes to file her nails while on the phone. Instead, he wanted a young white girl fresh out of college, who just needed a job while she sorted out what she was going to do with her life.

That is, in many ways, what a college degree has become since the 60’s. It tells potential employers things about yourself that they could never ask and that would never show up on the CV. For example, if you went to a private college, it means you most likely were raised in an upper middle-class family. If you went to the satellite campus of the state university, it probably means you came from the lower ranks and you were not a great student. These are the sort of subtle clues that are reflected in the education section.

Of course, attending an elite university is the big flashing neon sign on a person’s resume, which is why entrance is super-competitive. It’s also why it is not difficult to graduate from one of these colleges. The graduation rates at these colleges are near 100%, even for athletes. Compare that to Ranger School, where 60% fail the first time. Yet, if you have the former on your CV, it counts for more than if you have the latter. The people hiring for elite positions care much more about what the former says about the applicant.

This is why a few years ago the elites started to panic over the influx of foreign students into elite colleges. The competition for these slots was already tough. Having to compete with the children of foreign ruling classes would make the process even more difficult for the children of Cloud People. Of course, this is why Harvard, and most likely the other elite colleges, discriminate against Asians. The elite is for whites and Jews, with a sprinkling of diversity to spice it up to allow the elite to pretend they like diversity.

This “problem” with the elite colleges has been an excuse for the ConservoCons to shriek “hypocrite” at their Progressive masters, but it is actually a good thing that the people in charge are fine with racial discrimination. At the minimum, it suggests they still have the will to survive. It also reminds us that they are not bound by their own rules when defending their privileges. No ruling class in human history has peacefully agreed to step aside based on the logic of their own rules. They always have to be removed by force.

At the other end of the spectrum, colleges that serve the hoi polloi have been struggling with a different set of problems. A diploma from State U is about practical things like getting a job and bargaining for a salary. In fact, it really only matters for the first decade after graduation. After that, the work history is what counts. The great bust-out that is the American public college system has reached a terminus and enrollments are now starting to drop, as people figure out the return is not always worth the investment.

As a result, the public universities in America are slowly beginning to change. One remedy has been to import foreign students, who will pay full rate. This actually started with small private colleges like Boston University in the 1980’s. They figured out that Japanese kids would come to Boston, pay tuition in cash, as long as they were not required to study too hard. For state colleges, there is the added benefit of being able to charge full rate, rather than the discounted rate for in-state students. That and it counts for diversity points.

Of course, like every business fighting a revenue drop, cost cutting is on the table. In America, much of college is just an extension of high school. Look at the requirements of college fifty years ago and compare them to now. Then there are the frivolous things like gender studies or communication arts. Pretty much everything in the core curriculum of a modern college should be tackled in high school. The rest should be discarded. That’s why we see colleges dropping large chunks of their current offerings.

There is something else going on that speaks to the larger issues looming over the North American Economic Zone. Members of the High Moral Council are starting to drop the college requirement for new hires. What this tells us is the elite are beginning to set fire to the bridges over the river that separates them from us. The positions in the Cloud will require passing through one of the monasteries to be properly vetted. In the future, the Dirt People will have to sort out their status system within their favelas.

It also opens the door to further polluting the standards that reflect biological reality. By dropping the college requirement, the companies are free to hire the black over the white, the female over the male. After all, without anything close to an objective standard, the latest moral fads handed down from on high are the default filter. It also makes the diversity tax explicit. Companies will be expected to hit their vibrancy quotas, because they will not have the excuse that they cannot find qualified non-white candidates.

Source: The ZMan

Fed Finds Wealth Advantage For College Grads Is Vanishing

Four years ago, in one of its taxpayer subsidized research papers, the San Fran Fed asked “is it still worth going to college“, looking at the trade off between the “investment” of tens of thousands of dollars in student loans relative to the pick up in earnings potential over one’s lifetime. It found that the answer is “yes” because “the value of a college degree remains high, and the average college graduate can recover the costs of attending in less than 20 years.” In other words by the time one is 42, one’s student loans will be paid off, assuming of course that one can still find a job. And, staying in this idealized world, the difference between earnings continues to grow “such that the average college graduate earns over $800,000 more than the average high school graduate by retirement age.”

Four years later, the New York decided to rerun the same analysis, which it described in a recent blog post “The College Boost: Is the Return on a Degree Fading?”, and came to a starkly bleaker conclusion. 

As DataTrek’s Nick Colas summarizes the Fed’s study, the net income and net worth benefits of a college or grad school degree are rapidly diminishing. Specifically, the NY Fed economists looked at two broad demographic cohorts (whites and African Americans), segmenting changes in expected income between those people born each decade between the 1930s and the 1980s. Their findings:

  • White workers with a 4-year degree born from the 1930s to the 1970s saw a +57–72% pickup in income over their non-college educated counterparts. Those born in the 1980s only saw a +43% improvement, however.
  • African American college grads born in the 1980s are, however, still seeing income differentials in line with older cohorts (+71% versus +66 – 76% for those born in the 1940s to 1970s).

https://www.zerohedge.com/sites/default/files/inline-images/BlogImage_4YrChangeExpInc_071018.png?itok=jxfejgwX

The data looks similar for those workers with a graduate degree. For white workers born in the 1980s, the differential to their peers without an advanced degree is +54%, lower than the +80–108% of older cohorts. For African Americans, the benefits of a graduate education remain consistently high (+73–125% more than those without a grad school degree) across all age groups.

https://www.zerohedge.com/sites/default/files/inline-images/BlogImage_GradChangeExpInc_071018_0.png?itok=mZuiRRTD

Where things look really bad is when you look at total wealth differentials between the age groups. These include both financial assets and non-financial, such as home ownership.

  • On that count, white families with a college educated household member who was born in the 1980s is +42% better off for their sheepskin, versus +134–247% for those born in the 1930s to the 1980s. Moreover, the older the graduate, the better the differential.
  • The news is even worse for African American households, where those born in the 1980s are only +6% better off than their non-college educated peers. Those differences were +126% to +253% for those born in the 1940s to the 1970s.

https://www.zerohedge.com/sites/default/files/inline-images/BlogImage_4YrChangeExpWealth_071218.png?itok=hkt_Ri06

Exactly the same thing holds true when applied to graduate degrees: earlier born households accumulate much more wealth than later ones when compared to those who did not earn such a degree.

https://www.zerohedge.com/sites/default/files/inline-images/BlogImage_GradChangeExpWealth_071218.png?itok=e8Aft6kM

Key takeaway: to us, this looks like a solid data-driven indictment of the rising cost of US education, with its concurrent increase in student debt (and one that is vastly different from the far rosier take by the San Fran Fed in 2014). A college and/or graduate degree does mean higher wages. But it also means more educational debt, which delays both savings and home ownership.

The notion that younger demographic college graduate cohorts will deliver out sized economic growth, as their parents did when they were younger, seems suspect at best.

Source: ZeroHedge