By George Leef
Just over a year ago, New York Times economics writer David Leonhardt looked at some data on the “college wage premium” and declared, “The decision not to attend college for fear that it’s a bad deal is among the most economically irrational decisions anybody could make in 2014.”
The data that caused Leonhardt to make his declaration: a study showing that, on average, Americans with college degrees earned 98 percent more than Americans without a degree in 2013. Obviously, going to college and getting your degree is a superb investment!
I have often taken issue with that conclusion and am glad to see a new book out that also takes issue with it. I refer to Peter Cappelli’s Will College Pay Off?
A professor at the Wharton School, Cappelli has taken a careful look at the relative costs and benefits of college and concludes that going to college can be a terrible decision for many young Americans. He objects to “unqualified statements about the big payoff to a college degree.” His book also provides some insight into the crucial question: What are employers looking for? CONTINUE READING HERE