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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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To: Pravda who wrote (65405)7/6/2006 11:02:17 PM
From: mishedlo  Read Replies (3) of 110194
 
While I agree with your point, a college degree is now required for all sorts of occupations that once only required a high school diploma, such as flight attendant. This is simply because high school diplomas are viewed as attendance diplomas, and show no underlying achievement.

The PhD is the new bachelor's degree. The net result is Americans spend more time and money in school and less time creating economic value through work. Yet another way Americans are becoming poorer.

Pravda

I agree with that, which is why I agreed with GST about the need for education. But not all college degrees are equal and not all PHDs have the right stuff. Besides, everyone is simply not bright enough or motivated enough to get a PHD. If they did, they would be collecting garbage and selling beer at CUBs games. So we can debate endlessly the "shortage" of PHDs except for the "top end" there is a veritable glut of labor. Is there a shortage of engineers in India? Probably is and the reason is simple. Their pay is 1/10 to 1/3 ours and we can outsource at will at those differentials. In a sense a shortage of skilled workers in Asia simply reflects pent up demand to kill more jobs in the US.
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