ten years ago thiel said higher education was a dangerous bubble, and he was attacked for it by every lapdog twitter personality in tech. today acknowledging the damage student debt has done to young people is table stakes for every serious conversation about college.
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Is this purposeful misdirection? These are not contradictory positions. You can believe that student debt is damaging and also believe that college is not a bubble, which I’ll round out to “still a generally good investment.”
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It’s not an investment? Degree earners still out earn diploma earners by $30k/yr. While COVID-19 may accelerate closing this gap, alternatives in non-CS fields are too sparse for that to happen any time soon.
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the reason why other fields don't pay well isn't because of unis or anything it's because those fields haven't seen the tiniest bit of real material progress in decades so margins are low competition is high and wages efficiently reflect that
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Easy to say that after you got *your* prestigious education, eh? The data disagrees with your assessment. Grads still out earn diploma holders far beyond the buy-in cost. Of course you’ll argue that college wasn’t the determining factor, and I welcome data that shows it.
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This was once the case, but no longer. The latest estimates - prior to corona & the online transition! - show a ~$0 benefit. For some demographics, it's even negative -- they'd have netted more lifetime money by skipping college! The system badly needs change.
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It’s 100% an investment because it creates greater future cash flows. I’m not arguing that the debt burden isn’t excessive. It is. But to say it’s a consumer food is a stretch.
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And a luxury one, at that.
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and insurance
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To be precise, it's insurance. And the insurance stopped paying off for most people for a significant portion of the consumers some time ago.
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