The True Cost of Higher Education & the Student Debt Crisis (Video)

Nowadays, the mainstream assumption is that everyone is better off getting a college degree, no matter what. The economics of this logic are actually far more complicated. In a detailed video analyzing the cost of higher education, Stefan Molyneux of Freedomain Radio reviews some important studies debunking this new American myth. Molyneux has interviewed Peter Schiff in the past, which you can watch here.

One of the most notable parts of Molyneux’s video begins at 23:30, when he compares the average salaries of various careers and the costs of achieving that career. For instance, a plumber at age 50 will earn about $71K a year with just a couple years of apprenticeship or trade school. Meanwhile, a higher-earning teacher with a master’s degree can achieve a salary of about $103K a year when they are 50 years old. However, when you take into account the lost work time for education, as well as the cost of student debt, a plumber ends up having about $33K a year of spendable income, while the teacher only has $26K. The disparity between salary and spendable income becomes even more dramatic with a doctor earning $185K a year.

These numbers are based upon a retirement age of 62 and come from a study conducted by Professor Laurence Kotlikoff of Boston University, which Forbes summarized here.

Enjoy Molyneux’s video below. If you don’t have an hour to spare, download our free white paper that highlights the key issues at play in America’s student debt crisis – The Student Loan Bubble: Gambling with America’s Future.

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