In most cases yes since diploma is needed in applying for a better paying job. But it is not always the case since even you are not a college graduate, you can earn more money by being hardworking, skilled and wise.
There are over supply of college educated kids, MBA and lawyers.
Law of supply and demand will mean wages have to go down for the "elite" due to competition.
The data during recessions shows that the college educated people have low unemployment, and high school graduates have higher unemployment.
Presumably the college educated move to lower jobs, and the less educated people become unemployed. So keep in mind that competition is a complex phenomenon, and the degree is still worthwhile.
This is a very good point. I graduated in 2009 and a few big law firms in my area went belly up in 2008-2010. For a couple years, I was competing with out-of-work lawyers for shitty legal support work. Go figure.
Sure, going the uneducated route is fine if you have brains, ability and start-up capital. But you may be edged out of the market when you need a job the most.
Why work to get an education and a degree and a job in such a situation. All those low paying jobs earners end up receiving less in compensation than a full time welfare collector - and the welfare collector doesn't have to worry about getting hired while looking for a job.
Well there is that dignity thing, but I think that's gone today.
