All posts tagged: Negative public sentiment

‘College Isn’t Worth It’ Is a Luxury Belief

‘College Isn’t Worth It’ Is a Luxury Belief

Americans are losing their faith in higher education. In a recent Wall Street Journal poll, more than half of respondents said that a bachelor’s degree isn’t worth the cost. Young people were the most skeptical. As a recent New York Times Magazine cover story put it, “For most people, the new economics of higher ed make going to college a risky bet.” The article drew heavily on research from the Federal Reserve Bank of St. Louis, which found that rising student-loan burdens have lowered the value proposition of a four-year degree. American higher education certainly has its problems. But the bad vibes around college threaten to obscure an important economic reality: Most young people are still far better off with a four-year college degree than without one. Historically, analysis of higher education’s value tends to focus on the so-called college wage premium. That premium has always been massive—college graduates earn much more than people without a degree, on average—but it doesn’t take into account the cost of getting a degree. So the St. Louis Fed …