becomes much lower.
And the cost of education increases because of the loss of public higher education , public institutions of learning to the forces of market liberalisation.
What happens then?
Say if the chance of getting a job in your field with a 4 year degree is 20% and with a 6 year degree 35% and with a PhD 45% and with 5 published papers in good journals 55-60%
Average debt for 4 year degree becomes $50k (in todays money) $75k
for 6 yr and $100k for 8 yrs.
Meanwhile number of employed drops and many families are losing their homes because no income. Falling off the economic and political maps (since the homeless may have trouble voting anywhere)
Who goes to college then? And where? Remember, there are fewer and fewer or just as likely, no public institutions of higher learning or K-12 education, eventually.
And fewer and fewer jobs. So basically a larger and larger group of people are forced into an informal early retirement. At the same time services liberalisation gives corporations from all around the world a legal right to perform contracts won in countries like the US with their own staffs. Whatever their wages are its none of our business or perhaps minimum wages apply but cannot be verified. (due to wages being paid on the other side of the world)
Who goes to college then and why?
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