What portion of this is down to a calculated decision as opposed to inability or lack of ambition?
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not being ambitious enough to waste money on a useless credential?

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Not all degrees are worthless. I for one hope that people who design the grid, refineries, blast furnaces, airplanes, cars, car factories, pharmaceuticals, rockets, CCGTs, nuclear power plants, etc have a valid credential or two in the appropriate STEM fields.
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