Peter Thiel Was Right

Self-made Billionaire Peter Thiel, founder of Paypal and early investor in Facebook, argues for the motion "Too Many Kids Go To College" at an Intelligence Squared Debate with partner Charles Murray (co-author of "The Bell Curve") against Vivek Wadhwa and Henry Bienen (Former President of Northwestern University and Vice Chairman for Rasmussen College). Peter Thiel perfectly describes what economists and countless recent college graduates have discovered: higher education is becoming a dangerously-large financial bubble fueled by student loan debt and it is subsequently often a bad investment.

If you would like, you can watch the full, 1 hour and 40 minute Intelligence Squared Debate, here: https://www.youtube.com/watch?v=7VTQ-dBYSlQ

College/Higher Education has been more and more of an expected step to take for every high school graduate if they are to ever expect to "make it" or "even have a chance" at financial success in the United States. Although about 66% of high school students pursuit a college degree, only 36.4% graduate on time for their bachelor's degree, and almost 40% of them never achieve a degree at all. Combine that with the mountain of government-backed student loans, that virtually anyone can get in almost any amount they request, and you get an ever-growing national student loan debt amount of over $1 trillion dollars, more than that of the national credit card debt and second only to mortgage debt.

Colleges in many instances act as auction houses for placements in their programs, increasing tuitions as much as students are willing to pay. Of coarse, the students can always loan any amount of money the university desires and there seems to be no acceptable path after high school other than attaining a bachelor's degree. A large proportion of students choose to follow the rest of their classmates into the seemingly-exciting possibility of living their dream of "living the college life" which likely includes hanging out in dorms, not working, moving away from their parents, and all the while enjoying sex, alcohol, and maybe even some drugs for the next four years, all-the-while expecting a $50-100,000/year job to be waiting for them at the end of it. The reality is much different.

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