Yes, this is a striking stat. But it doesn't tell us that college is losing its value. It tells us that more people are going to college -- and not enough are finishing.
Everybody is looking for the next big "bubble". Maybe it's bonds. Or tech stocks. Or ... college? With tuition soaring and job prospects not, a growing chorus thinks higher education might just be too big not to fail. The calculus is simple. If college costs keep rising, but job prospects don't improve, eventually higher education won't be worth it. Pop goes the campus bubble -- or so the story goes.
That brings us to one of the more inauspicious recent headlines. For the first time ever, the majority of the unemployed have attended some college. Does this mark some kind of inflection point? Is it time to ditch the classroom for the office? Not exactly.
First, the gory details. The chart below from Business Insider shows the twenty-year educational trend among the jobless. (Remember: This shows what percentage of the jobless have ever set foot on a college campus -- or not. It doesn't show what percentage of high school grads or college enrollees are out of work).
This is not as bad as it looks, and it doesn't mean what you might think.
Here are the three numbers that tell us why: 7.9, 7.6 and 4.0. Those are the unemployment rates among people 25 and older for high school grads, for college dropouts, and for college graduates -- all courtesy of the Bureau of Labor Statistics.
The chart above isn't a story about a college degree no longer paying off. The chart above is a story about more people going to college, but not nearly as many more people finishing college. As my colleague Jordan Weissmann recently pointed out, only 56 percent of those who start on a bachelor's degree finish within six years. Only 29 percent of those who start on a associate's degree finish within three years. And consider that this is happening while college enrollment is at an all-time high. Too many students are getting the worst of both worlds: debt without a degree. Their finances get worse, but their job prospects don't get much better. That's how we get a world where most of the unemployed have attended at least some college.
But there's something of a chicken-and-egg problem here. More students would finish school if they could afford it. That's certainly not the only reason our college dropout rate is so high, but it's certainly one of the reasons.
In other words, the high cost of college is disguising the payoff of college. There still aren't many better long-term investments than a college degree. Graduates have lower unemployment. They earn more. And the gap between what college and high school graduates make is only growing. But you know what they say about the long-run. It can be awfully hard to get there when the short-run costs are so high. That's why reining in college tuition is so critical. It will both help young graduates struggling with the terrible economy, but also help more people become young graduates.
Of course, it's not obvious how we can do this. If we knew, we'd be doing it. But it's worth remembering: That's how you win the future.
Most of management theory is inane, writes our correspondent, the founder of a consulting firm. If you want to succeed in business, don’t get an M.B.A. Study philosophy instead
During the seven years that I worked as a management consultant, I spent a lot of time trying to look older than I was. I became pretty good at furrowing my brow and putting on somber expressions. Those who saw through my disguise assumed I made up for my youth with a fabulous education in management. They were wrong about that. I don’t have an M.B.A. I have a doctoral degree in philosophy—nineteenth-century German philosophy, to be precise. Before I took a job telling managers of large corporations things that they arguably should have known already, my work experience was limited to part-time gigs tutoring surly undergraduates in the ways of Hegel and Nietzsche and to a handful of summer jobs, mostly in the less appetizing ends of the fast-food industry.
How “engagement” made the web a less engaging place
Here’s a little parable. A friend of mine was so enamored of Google Reader that he built a clone when it died. It was just like the original, except that you could add pictures to your posts, and you could Like comments. The original Reader was dominated by conversation, much of it thoughtful and earnest. The clone was dominated by GIFs and people trying to be funny.
I actually built my own Google Reader clone. (That’s part of the reason this friend and I became friends—we both loved Reader that much.) But my version was more conservative: I never added any Like buttons, and I made it difficult to add pictures to comments. In fact, it’s so hard that I don’t think there has ever been a GIF on the site.
Donald Trump flaunted his elastic conception of truth in an interview with Time—but he may yet learn that facts are stubborn things.
How can anyone convince the most powerful man in the world of something he does not wish to believe?
It’s not an idle question. In a remarkable interview with Time’s Michael Scherer, President Trump flaunted his elastic relationship with truth. Instead of weighing evidence, he explained, he prefers to trust his gut. “I’m a very instinctual person,” he said, “but my instinct turns out to be right.”
Trump unrepentantly rehearsed his litany of false or unsubstantiated claims with Scherer. Was Ted Cruz’s father linked to Lee Harvey Oswald? “Why do you say that I have to apologize? I’m just quoting the newspaper.” (The newspaper in question is the National Enquirer.) Had the president tapped his phones? “A lot of information has just been learned, and a lot of information may be learned over the next coming period of time. We will see what happens.” Were there 3 million fraudulent votes cast in 2016? “Well I think I will be proved right about that too.”
Party leaders postponed a House vote Thursday after President Trump and Speaker Paul Ryan failed to win enough support.
Updated on March 23 at 4:28 p.m. ET
Lacking the majority needed to pass their bill to replace the Affordable Care Act, House Republican leaders have postponed a planned Thursday vote, imperiling President Trump’s first major legislative priority.
The move was an indication that a series of meetings Trump and Speaker Paul Ryan had with reluctant members in the party’s conservative and centrist wings had failed to achieve a consensus. Members of the House Freedom Caucus left a meeting with the president early in the afternoon saying there was “no deal” as they pushed Ryan to move the bill further to the right. And for Trump and Ryan, the delay dashed their hope of voting to dismantle the law on the seventh anniversary of its signing by former President Barack Obama.
The philosophers he influenced set the stage for the technological revolution that remade our world.
THE HISTORY Ofcomputers is often told as a history of objects, from the abacus to the Babbage engine up through the code-breaking machines of World War II. In fact, it is better understood as a history of ideas, mainly ideas that emerged from mathematical logic, an obscure and cult-like discipline that first developed in the 19th century. Mathematical logic was pioneered by philosopher-mathematicians, most notably George Boole and Gottlob Frege, who were themselves inspired by Leibniz’s dream of a universal “concept language,” and the ancient logical system of Aristotle.
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Mathematical logic was initially considered a hopelessly abstract subject with no conceivable applications. As one computer scientist commented: “If, in 1901, a talented and sympathetic outsider had been called upon to survey the sciences and name the branch which would be least fruitful in [the] century ahead, his choice might well have settled upon mathematical logic.” And yet, it would provide the foundation for a field that would have more impact on the modern world than any other.
The commander in chief embraces a peculiar worldview in which bogus claims are retroactively justified and evidence simply conjured into existence.
President Trump remains peculiarly fixated on the cover of Time magazine. He has claimed in the past that he holds the record for most covers, but in an interview with Michael Scherer for this week’s magazine, the president asked if he was the all-time leader. Scherer had to break the bad news to him: Richard M. Nixon still held the lead—though he added, “He was in office for longer, so give yourself time.” “Ok, good. I’m sure I’ll win,” Trump replied.
The exchange is full of intrigue. Neither man noted that though Nixon was elected to two terms, his presidency was foreshortened by paranoia and lawbreaking. Nor did they note the increasingly frequent comparisons between Nixon’s terminal scandal and Trump’s own difficulties. But in the course of an interview about Trump’s extremely distant relationship with the truth—from obvious lies to head-scratching speculation—the president offered Nixonian maxim of his own.
At the president’s behest, House Republicans will render what might be a final verdict on the Affordable Care Act in a high-stakes vote on Friday.
On Thursday, the Affordable Care Act celebrated its seventh birthday. On Friday, it just might celebrate a most unlikely reprieve.
In a take-it-or-leave-it message delivered by his senior advisers to Capitol Hill, President Trump late Thursday told bickering House Republicans they had one final opportunity to repeal and replace the health-care law they have decried since its enactment. At the president’s behest, Speaker Paul Ryan on Friday will call a vote on the American Health Care Act and dare recalcitrant conservatives to defeat it. If the bill fails, Trump plans to keep Obamacare in place and move on with other parts of his agenda—a move that would enrage conservative activists while conceding an enormous defeat for the new administration.
Two Princeton economists elaborate on their work exploring rising mortality rates among certain demographics.
Two years ago, the Princeton economists Anne Case and Angus Deaton published an alarming revelation: Middle-aged white Americans without a college degree were dying in greater numbers, even as people in other developed countries were living longer. The husband-and-wife team argued, in a study in the Proceedings of the National Academy of Sciences, that these white Americans are facing“deaths of despair”—suicide, overdoses from alcohol and drug, and alcohol-related liver disease.
The paper caused a stir in academic circles and in the media, and has remained in the public discourse following Donald Trump’s win partly on the strength of his support from these same middle-aged white Americans (the alive ones, to be clear). The paper, however, couldn’t answer the question everyone had: Why was this demographic in particular struggling? It couldn’t be purely the economic pain they faced in the wake of globalization; after all, European countries are also affected by globalization, and their residents are getting healthier and living longer. And non-whites in the U.S. are living longer than they used to as well, and they are subject to the same economic forces as middle-age whites and are struggling, at least in economic terms, even more.
Michael Anton wants to provide Trumpism with academic heft—but it’s not clear the White House will empower him to do that.
Michael Anton warned last year that 2016 was the Flight 93 election: “Charge the cockpit or you die.”
Americans charged. Donald Trump became president of the United States. And Anton, the author of that now-notorious essay, is helping to fly the plane—running communications for the National Security Council.
Anton cuts a curious figure through the Trump White House. A thoroughly educated dandy, his writings are at the core of an effort to construct an intellectual framework around the movement that elected a president who has shown no inclination to read books and who speaks in an unpretentious New York vernacular.
Much has been made already of Anton’s refined tastes and hobbies. It’s unusual, after all, for a high-ranking National Security Council official to have written a book about men’s fashion modeled on Machiavelli’s The Prince, or to have left thousands of comments on a men’s style forum about clothing and fine wines. After writing pro-Donald Trump essays under a pseudonym throughout the campaign, Anton was unmasked by The Weekly Standard earlier this year. Yahoo quickly labeled him the “most interesting man in the White House,” conjuring those Dos Equis ads. Vanity Fair suggested that he was the new Ben Rhodes, the Obama administration National Security Council spokesman who famously boasted of creating an “echo chamber” to promote the Iran deal.
Trump promised to revitalize the blighted heartland. His policies will punish them.
President Donald Trump might be consumed by half-truths and conspiracy theories, but during the campaign he brought attention to a very real phenomenon: regional inequality. He promised not only a proper swamp-draining in Washington, D.C., but also a renaissance for the Rust Belt, Appalachia, and America’s blighted heartland.
Even when his prognoses were fantasies—neither trade wars nor border walls will ever bring back 1950s-level manufacturing employment—the underlying diagnosis was pretty much right. For much of the 20th century, productivity in America’s poorest regions actually grew faster than in rich metros. But decades of convergence have come to a screeching halt in the 2000s. Rich coastal cities have left the rest of the country behind. In 1980, the typical New York City worker earned 80 percent more than the national average. By 2013, he earned 172 percent more.