Among the many interesting aspects noted in Tyler Cowan's article, "The Inequality That Matters," one particular quote caught my attention.
". . . there is usually greater inequality of income among both older people and the more highly educated. . ."
The ethos that has been imparted into the minds of my generation has been "you have to go to college." Or "just go to college and everything will be okay." Certainly the numbers, as mentioned in the story, back up the increased income in persons with a secondary education versus those who do not. And numbers, as the saying goes, do not lie. But they can deceive.
There is one important element left out in that statistic: debt. The costs of college are exponentially growing and not necessarily commensurate with expected income. This is the information our parents didn't warn us about.
What high school students need to be taught is that a college loan, like any other loan, is an investment. Specifically, it is an investment in human capital. It is not a one-way ticket to the American dream.
The ethos began with my grandparents generation, the "Greatest Generation." They lived through the horrors of the Great Depression and World War II. The mere fact that we are here today is proof that they are survivors. They knew that nothing in life was guaranteed and that hard work and perseverance were the only paths to prosperity.
Their children, the baby boomers, grew up with strict fathers, loving mothers and a belief that a life of hard work was the norm. They grew up in a relatively prosperous age. The Cold War ended and the Great Depression was simply a footnote in their history textbooks. What they came to discover was that there was a wealth of opportunities in the work force and they had not pursued their passions. The nine-to-five, cubicle enclosed, suburbia lifestyle tasted stale, and felt cold and empty.
Their belief was that the key to happiness was finding something you enjoyed and making a career out of it regardless of the money it brought you. The way to do this was "just go to college."
Some people accuse my generation of having a sense of entitlement. Damn right we have a sense of entitlement; look at the lie we were sold! A big recession our parents never lived through hit us hard and now we have a generation of art, creative writing and film majors with enormous college bills and no prospects for our dream jobs we were told were out there waiting for us.
This is the reason I brought up the quote about income inequality. I have a friend who tends bar in Orlando and makes a killing in tips while not having to foster the college debt with which my art-major brethren struggle. His income may be less (although it could very well be more when compared to some) but he lacks debt and therefore has a higher net profit than many college graduates with low-paying degrees and high tuition costs.
If I could speak to my generation I would tell them three things. First, know the value of your career. There are plenty of aspiring artists, gym teachers and social workers out there. If you cannot separate yourself from the majority of them, maybe you should choose another career. Know that there are a finite number of jobs out there.
Second, know the cost of education versus the expected income of the degree. You'll have to crunch some numbers here but if the debt you incur is close to your expected income you might want to rethink some things. Maybe work as a waiter and bang out some community college classes while you figure out how to best invest in your career. Buck the rush-to-college-and-just-get-a-degree trend.
Third, pursue your passion but make sure its practical. We don't have to all be investment bankers but most of us will never work in our dream jobs so we should position ourselves in a manner that makes us valuable to employers but still allows us to enjoy ourselves.
No one should have to work a boring, soul-siphoning job for the rest of their lives but we certainly don't want to be unemployed with a sports journalism degree and $50,000 of debt. Find a happy medium.
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