It is high school graduation time, and some columnists here in California and nationally, in platforms such as Forbes and U.S. News & World Report, seem to be heralding in the season by carrying articles questioning the value of a college education. They report record unemployment levels among recent college graduates as the rationale for pursuing a trade right out of high school rather than pursuing a college degree.
What such articles fail to report is that the best insurance against unemployment is a college degree. A review of Bureau of Labor Statistics data tracing educational attainment and unemployment for all recessions since 1981 suggests that adults with a college education were twice as likely to be employed as those who had earned only a high school diploma. The logical claim is that education is an investment that pays off.
One recent article in our local newspaper, "College enrollment down, experts cite low funding, high cost” quoted Richard Vedder, director of the Center for College Affordability and Productivity, who, on a recent trip encountered a parking lot attendant and bellman, both of whom had earned college degrees, certainly not required for their jobs. His take was that their "financial return on a college investment was negative."
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