As if more evidence of a college bubble was needed, a recent McDonald’s job posting has surely provided it. While I noted before that government’s role in subsidizing student loans is the primary driving force behind the skyrocketing cost of a college education, it is also important to understand the consequences beyond the student loan-debt crisis. Besides saddling college graduates with sizable levels of debt, the desire for “every student to go to college” has greatly diminished the actual value of a college degree. As a college “education” becomes more and more prevalent, its usefulness as a gauge of preparedness for employment shrinks. This results in incentivizing students to earn even more degrees as a way of separating themselves from their competition (and thus spending even more on education and going even deeper in to debt), as well as having individuals with college degrees fill jobs that previously did not require a degree.
Most recently, McDonald’s has turned to using college degrees as a pre-application screening process. As the Washington Examiner reports, a McDonald’s in Massachusetts has posted a job opening for a full-time cashier requiring a bachelor’s degree and one or two years of work experience. The lack of jobs combined with an over-abundance of college graduates have led to the problem the country now faces.
While the “college education for everyone” mantra is superficially attractive, its policies have created a monster students and recent graduates will be grappling with for years to come.