If you want to understand what's broken about higher education in America, look no further than one statistic.According to a recent survey, the average college student expects to earn $80,000 a year shortly after graduation.The reality? The average starting salary is closer to $56,000.
That's a 30% gap between expectation and reality before a graduate even receives their first paycheck.And that's not even the worst news.Recent college graduates are facing an unemployment rate of roughly 5.6%, significantly higher than the national average.Even more alarming, more than 40% of recent graduates are underemployed, working in jobs that don't require a college degree at all.
I own five businesses, and the assumption that graduates will make $80,000 a year out of college for most students is ludicrous at best.NEARLY 2 IN 3 AMERICANS NOW SAY COLLEGE DEGREES AREN'T WORTH THE FINANCIAL COST, SURVEY FINDSThe anti-AI career path of more blue-collar jobs may end up being wiser for young people.(Handsome Bob/Getty Images )For decades, America sold young people a simple formula.Unfortunately, that formula is beginning to crack.I LEAD A UNIVERSITY.
HIGHER EDUCATION IS FAILING STUDENTS — CONGRESS IS RIGHT TO ACTThe problem isn't that college has no value.The problem is that millions of students were told a degree was the destination when it was really just one possible route.Today, many graduates are discovering that a diploma alone no longer guarantees economic success.
The labor market has changed dramatically.Artificial intelligence is eliminating some of the very entry-level jobs that traditionally served as training grounds for new graduates.Companies that once hired armies of junior analysts, assistants, researchers, marketers and programmers are increasingly using AI to automate portions of those roles.JOBS THAT ARE MOST AT RISK FROM AI, ACCORDING TO MICROSOFTEmployers now expect new hires to arrive with practical skills, like you can actually communicate with someone...