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Saturday, October 12, 2013

Frank Bruni, "College’s Identity Crisis": Ah Yes, the Benefits of a College Education

In his latest New York Times op-ed entitled "College’s Identity Crisis" (http://www.nytimes.com/2013/10/13/opinion/sunday/bruni-colleges-identity-crisis.html), Frank Bruni observes:

"And already, the higher learning that too many young Americans partake of leaves a lot to be desired. Time magazine rightly began its recent cover story on the college experience in the United States by reporting the results of a chilling survey last year of recent graduates. It showed that 62 percent of them didn’t know, for example, that Congressional terms are two years in the House of Representatives and six years in the Senate."

Ah yes, the value of a college education . . .

I wonder if that statistic correlates in any way with a rise in student-loan defaults. As recently reported by Bloomberg (http://www.bloomberg.com/news/2013-09-30/student-loan-defaults-rise-in-u-s-as-borrowers-struggle-1-.html):

"About one in seven borrowers defaulted on their federal student loans, showing how former students are buckling under higher-education costs in a weak economy.

The default rate, for the first three years that students are required to make payments, was 14.7 percent, up from 13.4 percent the year before, the U.S. Education Department said today. Based on a related measure, defaults are at the highest level since 1995."

How can this be? Why is no one interested in hiring someone who doesn't know that Congressional terms are two years in the House of Representatives and six years in the Senate? Surely there must be something else they know after spending almost $60,000 per year for four years.

The demand for underwater basket weavers is drying up?

What has this world come to?

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