This page has been archived and commenting is disabled.

Want A Low-Wage Job? Go To College

Tyler Durden's picture




 

Simply put - if you want a low-wage job, go to college.

 

 

As EPI explains,

In 1979, only 56.7 percent of low-wage workers had a high school degree, compared with 77.5 percent in 2013.

 

Correspondingly, many more low-wage workers have attended at least some college or have a college degree, which the graph identifies as “college.” While only 23.9 percent of low-wage workers in 1979 had some college experience or a college degree, that group had grown to 44.2 percent by 2013.

 

Yet low-wage workers’ hourly wages have not improved much over this time.

*  *  *

Think about that for one second... despite all the narrative about "getting on in life" and American Dreams... almost half of US graduates can do no better than a low-wage job...

Perhaps it is time to rethink the "college for everyone" meme as 'fair' and instead realize it is nothing more than government delaying the inevitable of a middle-class being down-trodden to debt-servitude for the good of the few at the top who need credit to be extended to any or everyone in order for the obvious unsustainability to be exposed for all to see.

 

- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Thu, 05/21/2015 - 19:21 | 6119418 ted41776
ted41776's picture

subprime education for a subprime economic system... you'd have better ROI from hookers and blow

Thu, 05/21/2015 - 19:26 | 6119435 H. Perowne
H. Perowne's picture

For a subprime populace

Thu, 05/21/2015 - 19:58 | 6119509 WhackoWarner
WhackoWarner's picture

TPP anyone?

Thu, 05/21/2015 - 20:04 | 6119523 MonetaryApostate
MonetaryApostate's picture

Don't forget about inflation....

Thu, 05/21/2015 - 20:52 | 6119641 Ham-bone
Ham-bone's picture

The "great dvergence" between economic reality and financial fantasy is ongoing...today's post details...When you have demographics against you, interest rates at zero, record debt to GDP, and you are likely beginning a new recession while in the midst of the greatest asset bubble of all time...some things to consider while Wall St. and the Fed tell you all is well!?!

 

http://econimica.blogspot.com/2015/05/reality-check.html

Thu, 05/21/2015 - 19:21 | 6119425 Fun Facts
Fun Facts's picture

America is going to be used until it's used up.

The cattle don't seem to mind.

Thu, 05/21/2015 - 19:33 | 6119438 kaiserhoff
kaiserhoff's picture

almost half of US graduates can do no better than a low-wage job...

Ass backwards and wrong.  Quite a feat.

The chart says that 44% of low income workers have a college degree, NOT that half of those with a college degree have a low income job.

In any case, it's a poor way to frame the issue.  How many high income workers DON'T have a college degree?  That would be useful information.  Many of those low income workers are grad students, moms, semi-retired, partially disabled..., ie not looking for full time, stressful employment.

Thu, 05/21/2015 - 19:49 | 6119488 besnook
besnook's picture

the tech field is littered with nondegreed zillionaires as is much of the entrepreneur class in general. you don't need a degree to make money. you need balls and the sense to buy low and sell high.

Thu, 05/21/2015 - 19:53 | 6119499 i_call_you_my_base
i_call_you_my_base's picture

"the tech field is littered with nondegreed zillionaires"

Not true. Just because a handful of the big names fit that model doesn't mean it's "littered" with them. And in many of those cases, timing was everything.

Thu, 05/21/2015 - 19:57 | 6119505 Son of Loki
Son of Loki's picture

With or without degrees, Americans are downright broke! The engine of the American economy -- Middle Class consuming spenders -- are flat broke. The 3 people remaining in the Middle Class can barely afford their food.

Fri, 05/22/2015 - 07:26 | 6120663 PartysOver
PartysOver's picture

Middle Class consuming spenders -- are flat broke

Can you say open borders.  With the supply of illegal immagrants outstripping demand for middle class jobs (construction, professional trades, plumbers, electricians, etc.)  why is it so shocking that the middle class engine has been destroyed.  The Econ Rule of Supply and Demand is a real biatch.

Thu, 05/21/2015 - 20:05 | 6119525 besnook
besnook's picture

things are a bit different today. in the nineties there were scads of high schoolers who could juggle computer tech and were hired early on because there were not enough degree candidates. coders were paid 100+grand and/or loaded with stock options. even the janitors at msft retired millionaires.

too many cheap indians today and the millionaire lottery is much tighter.

Thu, 05/21/2015 - 20:10 | 6119539 i_call_you_my_base
i_call_you_my_base's picture

You are right, it is different today. Back in the 90s there were many market gaps to be filled and first movers owned the space. The industry is packed now and highly competitive. Today it takes capital and to get capital you need experience. No one will give it to you otherwise.

I run a technology firm and twice a month I get a phone call from some entrepreneur that has an idea and wants us to build it for equity. The ideas are total losers. And they don't have a red cent to put into the venture, even though I would price out the development at $200-$500K (a 6 month project). These people have no experience in business and have no idea how to write a business plan or market a product. For every success story there are thousands of failures. I'm not saying it's not possible, but the people who are successful generally have some experience. Getting out of high school and thinking you're going to be the next jobs or gates is a pipe dream now. Similar to thinking you're going to make the major leagues.

Fri, 05/22/2015 - 07:20 | 6120637 Alvin Fernald
Alvin Fernald's picture

I am Jack's complete lack of surprise.
https://www.youtube.com/watch?v=HDkxrMG517M

Thu, 05/21/2015 - 20:54 | 6119643 Stumpy4516
Stumpy4516's picture

"The chart says that 44% of low income workers have a college degree, NOT that half of those with a college degree have a low income job."

The quality of the new Tylers is lacking in many critical ways.

Thu, 05/21/2015 - 19:31 | 6119451 XqWretch
XqWretch's picture

I'm sure more college for everyone will fix this problem

Thu, 05/21/2015 - 19:34 | 6119456 i_call_you_my_base
i_call_you_my_base's picture

This data also suggests that not going to college will provide a low wage job.

Thu, 05/21/2015 - 19:35 | 6119460 Keyboard Kommando
Keyboard Kommando's picture

Back in 1979, tuition was less than $400/semester.

Thu, 05/21/2015 - 19:57 | 6119506 WhackoWarner
WhackoWarner's picture

In other nations that are doing just fine the tuition of post-secondary is paid covered.  BUT maybe they do not sell degrees and actually require an applicant to be able to do simple math and language. 

 

USA calls it socialism (like that is an evil).  But streets are paved. Infrastructure is not collapsing. They even have sovereign wealth funds (that Wall St. lusts to steal).....taxes are higher but WTF?

What do you get for your tax dollar in good old USA?  Well armed police, nationwide spying, perpetualy war, Wall St, criminals, Politicians who insider trade and then spit in the face of electors. Companies that are "people"???

 

Give it a rest and wake TF up.

Thu, 05/21/2015 - 20:50 | 6119632 DaveA
DaveA's picture

Sorry Whacko, the USA becoming Norway is about as likely as me becoming a Swedish bikini model. Socialism only works with an ethnically homogeneous, high-trust, high-IQ population. Bring in a million third-world immigrants, and they'll tear down your socialist utopia like locusts in a cornfield.

Norway's sovereign wealth fund is oil money. Every other socialist country is up to its eyeballs in debt, which is pretty amazing when you think of all the Middle Eastern countries they're not invading with the armies they don't have.

Fri, 05/22/2015 - 00:56 | 6120181 scatha
scatha's picture

Scandinavian/Austrian/Swiss social miracle was possible solely due to massive, tacitly accepted, smuggling of western weapons and technology to countries under US embargo including China and USSR. They all collapsed in 1990, now they are run by US and Arabs. And Norway economy is collapsing as we speak due to Saudi price war.

Thu, 05/21/2015 - 20:30 | 6119595 Fun Facts
Fun Facts's picture

"Back in 1979, tuition was less than $400/semester."

and if you did reasonably well you were assured of a good job that could support a family.

Thu, 05/21/2015 - 19:37 | 6119463 ebworthen
ebworthen's picture

There are very very few jobs in America for educated people.

What the corporations haven't off-shored they fill with Green Card holders.

The Higher Education diploma mills are just high dollar Educational McDonald's.

Thu, 05/21/2015 - 19:39 | 6119470 are we there yet
are we there yet's picture

If you exclude pointless degrees in the soft sciences, and affermative action shove through students, The graph would be much better.

Thu, 05/21/2015 - 19:59 | 6119511 Son of Loki
Son of Loki's picture

Like many other commodities, Grade Inflation has soared. Teachers are under huge pressure to pass the poor performers along without rocking the school district boat.

Thu, 05/21/2015 - 19:41 | 6119474 p00k1e
p00k1e's picture

These underemployed, yet educated folk are the people creating all the cat photos we find across the Internet.

Thu, 05/21/2015 - 19:44 | 6119480 are we there yet
are we there yet's picture

Look on the good side. America leads the world in Hip hop, and Rap music.

Thu, 05/21/2015 - 19:50 | 6119492 WhackoWarner
WhackoWarner's picture

I suggest the "asleep at the wheel" USA population consider very very carefully the Senate and WH fast track of TPP that is going to make this statistic a joke.  They pass this? Kiss it all goodbye.

Thu, 05/21/2015 - 22:43 | 6119956 q99x2
q99x2's picture

The checkout cashiers at the Target by me have such varying degrees of stupidity that it is doubtful a DNA test would prove them human.

Fri, 05/22/2015 - 00:23 | 6120146 rbgnr111
rbgnr111's picture

hehehe.. I joke to my friends about this!

I probably have the least education of most of my friends.. but make more than just about all of them. 

I dropped out of college because I felt they were teaching me things that weren't useful in the real world. My experience over the past 20 years tells me I was probably right. For a lot of professions I think college is a waste of time, and experience working in or near the field gives you more real value. 

Fri, 05/22/2015 - 00:48 | 6120172 scatha
scatha's picture

People think that College will give them opportunity to get ahead, marry, have children. That's false.

Here is true purpose of educational system in the US and elsewhere in historic context. 

https://contrarianopinion.wordpress.com/2015/03/19/education-blessings-o...

Fri, 05/22/2015 - 02:19 | 6120294 DeusHedge
DeusHedge's picture

tyler cheated

Fri, 05/22/2015 - 07:05 | 6120596 legolasladlf
legolasladlf's picture

This chart is useless if you dont have the part of active worker having a college degree in 1979 and now. People a more graduate today. Diploma is like fiat currency, it lost its value. Same thing here in france. Do not to expensive school. You need to be rare, like a gold coin, find something the others do not consider (manual work). Rarity is the key for high wages (if you dont have the network like the new feodalist that runs ours countries).

Fri, 05/22/2015 - 10:00 | 6121248 juicy_bananas
juicy_bananas's picture

MOAR SKOOL!!!1

Do NOT follow this link or you will be banned from the site!