I said it back in 2011 when I talked about the War on Greed and I’ll say it again now…
College is the Next Bubble
The signs are all around us. Just look at this recent article in the Wall Street Journal titled “Student Loans a ‘Train Wreck’ for Taxpayers.”
It’s a mess.
I think back to a few years ago when I was on the treadmill one morning, happened to glance up and saw a swarm of angry people protesting on the TV screens in the gym. As I focused in on the news footage from my Fox local affiliate, at first it looked like Occupy Wall Street, but it wasn’t; it was a group of frustrated, screaming students on the CSUN campus.
They showed a student throwing a brick through a window, and as the shattering glass covered the cowering administration, I thought, it’s a sign—the bubble is about the burst.
Flash forward, scene two, there’s a guy screaming in front of a building, a young white male, he’s frantic, and he looks like he’s about to pick a fight on the football field. They’ve just passed a vote that allows a 9% tuition increase annually.
Unlike Occupy, the anger wasn’t because of a lack of jobs, it’s because we’re sending this generation right out of college into the worst job market anyone’s seen since the great depression, with a larger amount of debt than any other generation before them.
They have every right to be upset; the institution of college is failing us, just like our housing market failed us. The costs continue to go up, as the debt of the schools continues to grow, and the schools then pass this burden onto the students, and tuition goes up. It’s one vicious cycle that will continue until the bubble finally bursts and students refuse to pay back their loans. And unfortunately, student loans are for life, thanks to congress and our financial institutions.
So if you’re in college right now, what do you do? I have a few suggestions.
First, you could get a job. You could get a position or an internship in a company in the field of your interest that will one day become your career. I don’t suggest tending bar while you go to school waiting for the job market to return, because by the time you’re done, you’re time will be up, and you’ll be years behind everyone else. There’s no way to make a quick buck these days, unless you want to be bartending forever.
Unfortunately most teachers don’t care that your college ‘home’ is about to get foreclosed on, and they’re not going to be sympathetic when you tell them you have to divide your schedule between your class load and a full or part time job. They’re not going to be accommodating, so be forewarned.
Secondly, you can start getting a competitive edge in the job market studying something that your college professors won’t teach you—entrepreneurship. You can get an advantage now, and when you’re out of school you can open your own bar, or create the next Facebook, or find some other way to start a business and become a millionaire.
My advice is to learn the subject of entrepreneurship now, because there won’t be jobs waiting for you when you graduate.
The bubble is going to burst, eventually… you’ve been warned.
These days, if you want a dream job, you have to create your own. Otherwise, if you don’t, I’ll look forward to tossing one back with you at the bar, barkeep!Comments (14)