Feeding the College-to-Poorhouse Pipeline
Bill Gates and his plutocratic pals of the Billionaire Boys Club have successfully planted and nurtured the self-serving myth there is a huge talent shortage among American workers. This myth has been fed, of course, by corporations looking to drive down wages by creating an oversupply of college graduates, and it has been promulgated by the college industry, both for profit and non-profit.
With an oversupply of applicants at brick and mortar schools, those fine institutions can cherry pick the high scoring middle class students and dump the rest into the for-profit non-profit online diploma mills, where the most needy end up with meaningless degrees (if they are lucky) and huge debt.
With an oversupply of applicants at brick and mortar schools, those fine institutions can cherry pick the high scoring middle class students and dump the rest into the for-profit non-profit online diploma mills, where the most needy end up with meaningless degrees (if they are lucky) and huge debt.
Among all 2007-08 bachelor's degree recipients:• 66% graduated with some education debt, while 10% had borrowed $40,000 or more.• 62% at public four-year institutions borrowed.• 72% at private nonprofit four-year institutions borrowed.• 96% at private for-profit institutions borrowed.It's the new capitalist college caste system, and its need for unsustainable growth will likely provide the trigger