With graduation lurking around the corner and exams finishing up, college students are ending yet another year and, in some cases, preparing to join the workforce. My own social media newsfeed is filled with angst about the “real world” and how to survive this tough transition.
On one hand, I empathize. Being an adult can be difficult, and most of us are making it up as we go. On the other hand, I’m confused about why college is seen as so detached from the real world, and why it’s worth the high price tag if that’s the case.
Read more at FEE
Senators Bernie Sanders and Elizabeth Warren recently proposed the College for All Act, which promises to make public universities free for most students. A similar bill just became law in New York, and support is building for tuition-free public universities in other states as well.
Unfortunately, the senators’ proposal would hurt the very Millennials it aims to help, by reducing economic growth. Median wages have stagnated for decades precisely because of the mismatch between the skills workers have and those businesses need. So while wages in some sectors — for example, the IT industry — continue to rise, young people without marketable skills are being left in the lurch.
This includes many college graduates. While defenders of college-for-all proposals point out that a college degree improves a graduate’s lifetime earnings in the aggregate, not all majors are created equal. According to a new paper by Jaison Abel and Richard Deitz of the Federal Reserve Bank of New York, over half of graduates in many liberal-arts majors work a job they don’t need their degree for. The problem isn’t just that too many students seek a degree in an obscure subject, either; it’s that too many graduates lack the ability to think critically or write clearly. In a recent survey, only 39 percent of managers said that students were ready for the work force.
Read more at National Review
The Obama administration’s Department of Education recently proposed new rules to enable more students to sue universities that defrauded them. While the government should punish blatantly deceptive institutions, these proposed rules promise to penalize many high-quality colleges.
The rules will enable students of a university to sue and recoup their tuition if the university offered a “substantial misrepresentation” of elements like the employability of its graduates or the nature of its educational programs. This is a lower standard than mens rea, the legal principle in fraud cases that a crime requires intent. Troublingly, students can successfully sue whether or not the college intended to lie, meaning that universities will be subject to lawsuits over clerical errors.
This could be crippling. My alma mater, the University of Colorado at Boulder, brings in almost one-third of its revenue from tuition. If just one class of 5,000+ students were reimbursed for their tuition, the university with a substantial shortfall. This could mean cuts to valuable services. Because the University of Colorado is a public institution, taxpayers could also be called upon to make up the difference.
Continue reading at The Daily Caller.