People should go to college because college, as a journey, and as a way of attaining a college degree, has many economic and social benefits. If there are many people going to college, it is a good thing for them and for society.
First, I agree that the increasing cost of education can result to what Peter Theil calls the “third bubble.” Since college is now so expensive that students are going into enormous debt, it is possible that their earnings may not grow fast enough to pay for these debts. As a result, defaulting on payments can create economic difficulties for the nation. Second, I agree that college education is important because it produces a wage premium and social premium, as Henry Bienen argued. Like Bienen said, not all people are Steve Jobs and Bill Gates in talent and skills. The average citizen benefits from finishing college. College graduates tend to be more employed than high school graduates and they also tend to show better citizenship values and behaviors than high school graduates. I am not saying that high school graduates lack citizenship, but there are things we learn in college that can help us become better citizens, such as critical thinking and global citizenship knowledge and skills.
First, I do not agree that too many people are going to college in the same way that “too many people are buying houses and too many tech companies were going public in the late 90s,” according to Thiel. This analogy is unsound because people are not objects. People go to college because they believe in its necessity to their social and economic development. If they invest in education, they know that its returns are real to them, not just in terms of money, but in terms of learning knowledge and skills that houses and tech companies cannot represent. Second, I do not agree with Charles Murray that a BA is “fraudulent” because he claims that many college graduates hardly have basic communication skills. Just because some