A college education is still the most reliable path to a middle class life. It’s not foolproof, but it is correlated with an increased lifetime earnings of around one million dollars. On the whole, college grads make more money, suffer less unemployment, and are better able to adapt to a changing economy than those without a 4-year degree. This is a fact.
One thing you may see is college grads struggling, and not seeming much better off than their less-educated peers, early after graduating. This is true. Most of us spend some time on the bottom rung. But come back in 20 years and see who is still a barista, and who is in a career with an upward trajectory, and you’ll likely find a different story. A college degree isn’t a magic ticket to that kind of career, but it does a lot to open up that option.
Nor is the choice of major as important as some would think. We do not, in reality, have a STEM shortage. Indeed, a lot of STEM careers are poorly paid. The average mid-career wage of a biology major is less than the mid-career wage of a film major. Many majors that seem to have no market actually have fairly robust ones- in my field, for example, we are always looking for gender experts. The best choice of majors is one that you are likely to finish, and one that you can get some professional experience in while you are still in school. But even in the worst of cases, a degree in Albanian Folklore still opens up millions of general office jobs, as well as advanced degree opportunities.
But wait, you say, do these office jobs need degrees? Often times, that answer actually is yes. When I was a kid, I was told how to learn how to type, because offices always need typists. Today, of course, if you walk in to an office and your only skill is typing, you are going to be laughed out the door. Yesterday’s secretary may have done some typing, answered phones, and done some light filing. Today’s administrative assistant better be an expert computer user, and will likely be managing some complex software, maintaining electronic filing systems, drafting correspondence, light desktop publishing, and doing some level of data analysis. With technology, a single person can do a lot more, but they need more skills than they would have in past decades.