As a follow up to the previous post in which a McDonald’s store was requiring applicants for a cashier position to have a bachelor’s degree and two years work experience, the Wall Street Journal has reported a staggering number of college graduates who are working for minimum wage. In 2012 there were 284,000 workers with a bachelor’s degree in minimum wage positions. While this is down slightly from its 2010 peak of 327,000, the number is approximately 70% higher than a decade ago.
This sad statistic is further evidence of the long-inflating college bubble. As the cost of a traditional college education continues to skyrocket, the value of the degree is in decline. Aside from the 284,000 graduates in minimum wage jobs, the Center for College Affordability and Productivity reported earlier this year that 48% of the graduating class of 2010 held jobs that did not require a college education. Even worse, 38% of them were working in jobs where not even a high school diploma was necessary.
None of these facts have slowed down the cries for increased government spending on subsidized student loans or other programs designed to encourage every student in America to get a college education. As is a common theme in all things political, dire warnings of catastrophe are destruction are peddled to call for even more government money being funneled into the pockets of the universities. Ohio State University president, Gordon Gee has recently utilized this scare-tactic well when he stated “If we do not as a nation increase the number of graduates, then we risk the very foundation of the American Dream.”
Interesting. I wonder what American Dream he has in mind for all of these college graduates. It appears to be one of mountainous debt and low wage jobs while universities continue to skyhigh prices for near valueless pieces of paper.