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WWL>Topics>>2-4-14 10:10am Garland: on whether college degrees are worth the debt

2-4-14 10:10am Garland: on whether college degrees are worth the debt

Feb 4, 2014|

Garland talks with Glenn Harlan Reynolds about an article he wrote for the Wall Street Journal on whether college is as necessary for young people to be successful as it used to be.

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Automatically Generated Transcript (may not be 100% accurate)

The sell or something good that fascinates me -- -- sixteen year old daughter and so consequently. I have to be boring about her. College education. And I've picked up an article -- video out of the Atlantic. And it's said here's exactly how much the government would have to -- in the make public college tuition reached. And it basically says the government spends 62 point six billion dollars. Under various in the sundry. Plans. Not very coordinated. That they give to colleges in the public at this point in time at -- scripted on descended out 62 board 62 point two billion. Then everybody you're pre colleges and of course that's an oversimplification. Probably can't come in Hayward to -- that -- but still the question remains can only these days as a kid and -- board a colleges and education. But the question of should do. You'll or you going to forget now what you paid for and it. Turns. Introducing articles in the mobile drew. Boy yeah ugly in Harlem world called degrees about making college field for too many American college today is not worth it. And we have this room and -- thank you call it is appropriate. And two in its billions also. Proposed law at University of Tennessee college of law in the altered all your article. You quote or not you know the article read. Two of the onion the news satirical. New web site. Proclaimed. Thirty year old who earned eleven dollars more than board without a college educated. It's getting a little. -- Well it really you know for a lot of people. By the time you factor in the years of law starting from being in college and working you know not at all only part time. By any interest they pay a student loan debt they run out date frankly we do well be at -- at all about eleven dollars a lot of people are behind. -- -- we help people used to go to college because college graduates earned the war. But that's kind of an average -- graduate from college you don't have degree. One of those generic degrees can elect field packages with the bar -- just -- college on it. Are you get a degree in something and when you get a degree and that the and you go get a job doing something. And the returns are really different pinnacle country agree if you got if you got a degree in industrial engineering effect. Are your earnings are likely to be pretty high you've got a degree. Gender and women's studies they probably will be. And yet it costs that they lead the way you run up the same kind of debt getting those degrees and for the people who don't are alignment again attitude Trent Burton and frankly for the England club but it and they get out its -- tremendous -- And you've stated in your article a little bit of history. This'll kind of started the GI bill that this was a great idea and everybody should do for a. Right well at the end of World War II 01 of the things that the government was worried about -- that we just fall right back in the depression that we have. Millions could be mobilized troops looking for work all of the same time they hit the system all at once the that would be able sort them. And we be shocked back into a depression. Baht to the GI bill was one of the mechanism they came up with the sort of soften the blow by basically keep -- off the job market for a few years. Pot and it paid people go to college a lot of people did a lot of these people. On the GI bill kinda felt selected I mean they've survived World War II could take they were pretty hard workers. They did pretty well and colleges support expanded rapidly to absorb all the extra bodies in the extra money that would -- And -- GI bill started to fade out we got another wave of people flood again advocate the baby boomers started to hit college. I need to get a draft -- back then during the Vietnam War so that gave a lot of evidence that it. They -- college. Other by the Japanese that was very devastating. -- -- had all the excess capacity. And by no break to it that you started these rotten things like program that guaranteed student loans. Another government subsidies that kept people going to college. I don't think people probably shouldn't. All right let's take a purse for a Bloomberg come back. You give quarter -- detailed. Colleges are now starting his -- parents that are trying to. Skeptical. There are more prove little bit more demanding. And that it's affecting their bottom line. If that's correct. Does that mean that it affects the education of those that really do need college in other words. Or colleges can have the revenues from Formby education for those that are professionals that really need. A little right back double Bill Gates celebrity immoral 53 yeah. Are -- what -- thinking about today colleges excuse and we don't mending shoes I would Vincent getting. But the question becomes more immoral whether you -- building -- a college education. There's an average student debt in this country one in 9400. Dollars. A lot of students are up there around 100000 dollars four in ten college graduates. This according to recent Gallup study wind up in jobs that don't require a college degree -- and the bureau -- wanna get a budget educated in fund at Drury in pursing dissertation on this. Go to Wall Street Journal it's an article called degrees of value -- in college you off. For too many Americans. College is -- is well worth it professor -- Harlan Reynolds. Who's giving us some of his valuable free time would -- or -- -- actually a professor. What are -- stood the colleges. And relatives parents. Begin to hear this information and say OK and getting a little skeptical and -- really -- look closely. -- number could be much tied with mud. Well first brought to type of people wanna know more of that Wall Street Journal article just an excerpt from my new book the -- school how the information hateful thing in American. Education from itself but people really should go out of my copy of the book are connected by two victory makes good. A wedding present -- minutes. What it. -- -- -- Well what's happening to colleges. And right now it it's mostly around the edges and the ones with the most marginal situations but not entirely. What happened -- -- -- broke we have colleges that are lay off faculty. All week. Institutions like the issue university in New York which has been real time on the court respected. And other bonds downgraded to junk status -- actually the far the only one and quite a few very prestigious -- -- liberal arts colleges. Have had their bonds downgraded that mentioned in the article are we -- law schools which are being hit harder by this. Cutting it Coleman and laying off back the and we are seeing even an -- indexing going out of business are being urged him with familial. And I do think it's just the beginning of that note that the bottom line is. People are for the first time beginning -- the real price resistance and and that the big change. As recently even five or ten years ago. People would say that student loan dealt with them -- good idea because it helped you earn more money. On what's happening is people coming out with a lot of student loan debt at their findings that they can't get jobs they can get jobs that are productive coveted yet. And it's not looking like as good a -- for a lot of people now mean that thirty dollar. Average student loan debt figure 29400. Doesn't sound that bad. But in fact these basic rule -- long -- he shouldn't owe more total student loan debt that your first you're starting salary. Well a lot of jobs pay 30000 dollars and if -- carry -- but -- pretty close ally and already. -- many people if you're funding most of your college education debt. Even if you're going to state school you could easily be up for a 100000 dollar mark it and if you go beyond to a graduate school so he can be much more than that it just takes a lot of -- to justify -- excited yet. If somebody takes a look at -- in session and a more -- teacher bottom never organ you don't moment but I have to open some holes -- Somebody says you know wanna teach org or one again sobbed in the art of music I'm never gonna make me -- row. Would what are what's the alternative. Ago online education. Well there are a lot of have to -- I actually I'm -- column in USA today today. Agree with President Obama says the people should just go to college. Because -- the deal is doing -- they'll look at other options and that for a lot of people. Other skilled trade -- option you can make a lot of money at the plumber or electrician. More than many college graduates do. And the nice thing about it back kind of -- it -- be outsourced to somebody Bangalore. Because you have to be on site to do it. -- I think online education is that going to push prices down right now at Georgia attacked you get a masters in computer -- on line. For 7000 dollars if you get the backs -- agree on campus -- cost you about 50000 dollars so it's a pretty major different. Do a lot of pressure being brought to bear. On higher education to find ways to cut costs and we're just at the beginning of actually getting some results there. And we've we've had on. He rejuvenated -- something. Three largest. Online and I -- their names escape me right now nationally. And they have the start off proved strong in all there struggling. Is is there any evidence that the people that initiative or law and education stay with the. Well in fact most people -- although that's really sort of an unfair metric right now because -- reload the people and actually I'm one of them. Who were just carry it out of the projected -- on the dispute -- look like but never any need to do in getting your degree. And I think that that distorted numbers that would -- it makes sense that he Nokia Rolex college and you know trying to pay your papers that his tuition and move into the dorm you're a lot more committed to figure out for the -- and if you decide -- -- Whether that the or feature kind of depends on what what you're looking for. Other completion rate may be low but a lot of people get to trying to beat it for them and the people who do complete it had gotten through a lot. Cheaper with a lot less commitment commitment to pay for the situation in advance and move into the door you know. We get a fascinating gifts on a couple of months ago would use technology geniuses. And he's written a book that basically says by 20/20 42025. There will be created of computers that can make cook computer that is actually better than itself. And next within actually. 24. Lead sixteen the multiplicity of computers improving. Will overrun our ability to at least mentally keep up with -- him. If that your let's just say that's true. How do you compute. That in whatever education you're gonna yet. Because when you look at blog robots in technology will replace. In -- and -- distant future. Of their a lot of jobs that just -- either. We have but he. Do you talk about that in my book the new school. But it is. A real issue that sort of rate -- while few would singularity where. Artificial intelligence it would get so much smarter than. I'm not surprised I don't raise -- -- super Smart guy. I think he's a little optimistic about this in the that. For my entire lifetime. The problem that the artificial intelligence had never quite lived up to the reality. I think it turned out to be harder than you think. But I -- that the bullet that it would got elected to put try to -- from what jobs would be laughed if robots took over most stuff. And it was a pretty short list they world. Without the prostitutes at massage therapist would be good but you know people want a -- on Tuesday. My students I think a very optimistic thought lawyers would still have a job. But I I've pointed out that legal -- -- already actually putting the lawyers out of work. So I don't know. You know it it may wind up that that robots replace with -- the world were but I actually kind of doubt that they history as did. The people worry a lot about jobs being automated way but somehow we want to creating more new jobs with -- technology. That we replace that yeah that's -- that's a fair bet that to happen again. Regular soap -- towards your book is again and can we get to back a later date to talk about the guts of the book. Sure our the book is called the news school how the information page paper American education for itself it's -- to encounter books that you can get it. That Amazon.com. Or part -- have a tolerance. Fine bookstores everywhere and we held their five bookstores they've got my book. Professor Berry good -- can appreciate the article interview every day we're gonna talk to you again. Thank you are a -- and -- will heavily propel your opponents and business economics school of management University of Michigan. If you just joined us. We're we're talking about what do we do a bow. Education for children average student debt tornado 1400. Dollars. A large percentage -- shouldn't you -- percentage a percentage of those. Students and college -- -- and up with the death of 100000 dollars or more and pour in in college grad. And that's his recent Gallup. -- Getting the job that doesn't require -- college degree are we headed with this. -- -- call -- questions comments to receive 01 -- celebrity. Told free underwear in the country it's six succeeded 90 -- seven -- this is going to be.

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