http://nplusonemag.com/bad-education
This article was about college education in the United States. Prices of college education have been rising, student debt has been increasing, but the amount of opportunity for jobs of college graduates has been declining. It then goes on to explain some agencies that helped grow the bubble of college education loans.
It is interesting how it is taboo to challenge the notion that a college education is important, even though it causing so many monetary problems in the country. Some have wondered why the cost of education has increased so quickly. One could say that the quality of education has gone up as extreme as the price, but this is not the case. The simple answer is that no matter what colleges charge, people will still pay for the degree because it is such an integral part of our society. I read in an article several weeks ago that a college received more applications one year after raising their tuition. By the laws of supply and demand, the higher the price, the less demand there should be. In economics, we learned about a type of good called a Veblen good. Veblen goods behave the opposite of normal goods, in that as the price rises, there is more demand for the good because it gives the impression that the good is more valuable. It seems as if college education is not exactly a Veblen good, but sometimes it can act that way.
My peers and I will be going off to college next year so this article applies to us. College education is supposed to be a gateway to a better life - one of financial stability. With total student debt surpassing one trillion dollars within the past few years, it makes me wonder if a college education is always the right thing. I think that many kids my age look at fellow students who choose to go to community college or not to go to college at all, and think down on them as if they aren’t smart. Maybe they are the smart ones, for they know for a fact that in four years, they won’t owe tens of thousands of dollars to some bank.