For the last 30 years every administration, Republican or Democratic, that has gained control of the White House has emphasized the importance of a college education for a happy, secure future. I have been critical of that for several reasons, the most important being that only about 50% of the population can actually benefit from a college education. In the country with the most highly educated population in the world (Canada) about 56% of the people between 25 and 64 have completed some form of tertiary education.
But the worm may be turning. According to a survey taken by the Wall Street Journal and the National Opinion Research Center (NORC, an old client of mine) and reported on in the WSJ by Douglas Belkin, American popular opinion on college education has changed:
A majority of Americans don’t think a college degree is worth the cost, according to a new Wall Street Journal-NORC poll, a new low in confidence in what has long been a hallmark of the American dream.
The survey, conducted with NORC at the University of Chicago, a nonpartisan research organization, found that 56% of Americans think earning a four-year degree is a bad bet compared with 42% who retain faith in the credential.
Skepticism is strongest among people ages 18-34, and people with college degrees are among those whose opinions have soured the most, portending a profound shift for higher education in the years ahead.
In 2013, 53% of Americans were bullish on college, and 40% weren’t. In 2017, 49% of Americans thought a four-year degree would lead to good jobs and higher earnings, compared with 47% who didn’t.
Why the change? Some of it is basic economics. The easy availability of college loans has increased the willingness to pay. For any good or service when you increase the willingness to pay while not correspondingly increasing the supply, all else equal the price goes up. As the price of a college education has risen faster than wages, the more difficult it becomes to find a job that college education will get for you that allows you to maintain a middle class lifestyle and pay off your loans. Importing large numbers of college grads from other countries or offshoring the work (particularly when they’re willing to work for less) hasn’t helped either. I would speculate that the United States has more young people saddled with educational loans who haven’t completed a tertiary educational program than any other country in the world.
But if not college, what? I think several things need to happen. First, local, state, and federal politicians need to change their rhetoric. College should be de-emphasized. College prep program in every high school should be phased out in favor of manual arts programs. Emphasis in state and federal policies should be on apprenticeship programs rather than college educations. And, as with so much else, we need to control our immigration and encourage our economy to shift away from low-skill minimum wage work to more skilled but nonetheless manual work. We need to give more respect to people who work with their hands.
I have little confidence that any of those things will happen so I expect the dissatisfaction to grow.






