We know all about the “technology bubble” that burst earlier this decade, we’re now dealing with the fallout from a “housing bubble,” and economists are predicting the next bubble to burst will be the emerging “education bubble”because too many people are seeking a higher education.
How can that be? We’ve heard over and over that the 21st century economy demands higher-level skills and a high school diploma is no longer good enough. We’ve seen the statistics on the lifetime earnings of college graduates versus those who only have a high school diploma or drop out.
To clarify, the “education bubble” is a lot more specific, and no, higher education is not a bad word. It turns out, though, that we need to be more careful on the type of higher education we’re pushing and the schools that students attend after graduation.
Since the economy took a nosedive in 2008, and unemployment rates have hovered around 9 percent nationally, more people are looking for a steady line of work and realize that they need new skills. Which is a good thing. However, at the same time, a cottage industry has arisen seeking to provide these people with a college degree, career diploma, or some other credential that may put them in debt but may or may not help them find a job.
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