Today, we’re tackling a topic that generates a lot of debate: the necessity of a college degree. This is a fantastic opportunity for us to employ a concept called “steel manning”—a term I picked up from Sam Harris’ wonderful podcast.
What is Steel Manning?
While you may have heard of “straw manning,” where an argument is misrepresented to make it easier to attack, steel manning involves presenting the strongest version of your opponent’s argument to better understand it. This method encourages deeper thinking and makes debates more constructive.
This idea aligns with Anatol Rapoport’s principles of argumentation, which encourage accurately representing others’ perspectives.
Now, although I dropped out of college, I’m not here to advocate that everyone should follow suit. Let’s explore both sides of the college degree debate.
The Case for a College Degree
When discussing the need for a college degree, Steve Jobs often comes up as a key example. Many point to successful figures like Jobs, Bill Gates, and Mark Zuckerberg, suggesting that dropping out can lead to greatness.
While these anecdotes are compelling, they don’t provide the whole picture. Statistical data shows that, on average, having a college degree significantly increases earning potential and employment opportunities.
Higher Income
According to the Pew Research Center, college graduates earn approximately $17,500 more per year than those with only a high school diploma, totaling over $800,000 more in a lifetime.
Lower Unemployment Rates
The Bureau of Labor Statistics reports that only 2.5% of college graduates are unemployed, compared to 5.3% for those without a degree. Clearly, obtaining a degree enhances your chances of securing a job and earning a higher income.
The Case Against a College Degree
While I would never claim that no one should attend college, asserting that everyone must is equally misguided. College isn’t a universal solution; it comes with its own set of challenges.
Cost Concerns
This is a finance-oriented blog, after all! The burden of student debt is significant; currently, it’s at a staggering $1.45 trillion, with the average graduate in 2016 owing about $37,172. Since the 1980s, college costs have soared more than any other expense, including healthcare and housing.
Moreover, student loans are not dischargeable in bankruptcy, meaning the debt can follow you for life—something that poses a considerable risk.
Cultural Indoctrination
Recently, college campuses have become focal points for debates about free speech and political ideology. Jonathan Haidt discusses this phenomenon in The Atlantic, highlighting a movement among students to censor ideas that may cause discomfort.
If I were to apply to college today, I would steer clear of institutions known for such controversies, regardless of their prestige.
Time Commitment
Today’s rapidly changing job market requires agility; committing four years to education might be impractical. Companies like Vox, Instacart, and Lyft didn’t even exist seven years ago. Graduating with a degree in a field that’s no longer relevant can leave you at a disadvantage.
Quality of Education
Quality varies greatly among institutions and instructors. Take it from Steve Wozniak, who remarked on his father’s unique engineering teaching methods, highlighting the importance of quality over formal education. A poor teacher can stifle interest and reduce the overall educational experience.
Exploring Alternatives
Peter Thiel suggests that while humanities majors gain knowledge, they often lack practical skills for employment, unlike engineering majors who acquire technical expertise but may not learn how to apply it.
Regardless of your educational choices, skill acquisition remains essential. Here are two actionable tips for gaining job-ready skills without following the traditional college path:
- Address the Skills Gap
Despite the high unemployment rate, the U.S. currently has a record 6 million job openings, particularly in trades like plumbing and welding, where companies are willing to offer competitive wages. If you’re struggling to find a job, consider pursuing training through organizations like the mikeroweWORKS Foundation or SkillsUSA. - Seek Direct Paths
Understand that college is not the only way to prepare for a career. Many direct pathways exist that can provide the same value in a shorter time frame. For example, aspiring lawyers might consider apprenticeships as a viable alternative to traditional law school. Similarly, coding boot camps like Hack Reactor or Lambda School can quickly equip you with the skills needed for software engineering.
If you have a clear career goal, explore paths that offer quicker and more affordable routes to your objectives.
In Conclusion
Today, we discussed:
- The statistical advantages of obtaining a college degree, including higher income and lower unemployment rates.
- The potential pitfalls of college, such as rising costs, indoctrination, time commitments, and variable quality.
- Two practical alternatives to traditional college pathways: addressing the skills gap and seeking direct pathways to your career.
I’ll close with a poignant quote from Ben Shapiro: “You need to finish high school, get married before having kids, and secure a job. Do these things, and you won’t find yourself permanently poor in America.”
Thank you for reading, and I look forward to our next discussion!
Let me know if you need any changes or further assistance!