The economics of college does not speak well for the Right.

Summary

The video discusses the debate over the value of a college education, highlighting the contrasting messages from political figures like Donald Trump, who discourages his followers from attending college, versus the clear economic and social benefits of higher education. Experts, including University of Michigan professor Justin Wolfers, emphasize that college significantly boosts lifetime earnings, lowers unemployment risk, and contributes to healthier, happier, and more stable lives. The discussion also acknowledges that some self-starters may succeed without college, but overall, education provides crucial skills, structure, and opportunities, making it a powerful investment in both personal and professional growth.

Takeaways

• 🎓 Trump and his allies often advise their supporters not to attend college, promoting trade schools instead, while their own children attend prestigious universities.
• 💰 College education significantly increases lifetime earnings, with bachelor's and graduate degrees yielding much higher salaries than only a high school diploma.
• 📈 Data shows that college graduates experience lower unemployment rates, acting as a buffer against economic downturns.
• 🧪 Studies using twins, proximity to colleges, and school-leaving laws confirm that attending college causally increases earnings, not just correlates with success.
• 🏥 Higher education is linked to more than financial benefits; it contributes to longer life expectancy, healthier lifestyles, and greater overall well-being.
• 💍 College graduates tend to have more stable marriages and higher marriage rates compared to those with less education.
• 🤝 College provides social and professional networks, which can be critical for career advancement and personal growth.
• 😊 Research indicates that people who spend more time in school tend to be both wealthier and happier, even if they resisted schooling at the time.
• 🛠 Trade schools and vocational education are valuable and necessary, but discouraging college attendance limits long-term opportunities for many people.
• ⚠️ Political messaging, like that from Trump, can serve to keep certain groups less educated, which may reduce their socio-economic mobility and access to opportunities.
• 🧠 College provides structure and methodologies that benefit even self-starters, helping them focus, innovate safely, and achieve their goals more effectively.

Q & A

What is the main claim about Donald Trump and his approach to education in the script?

The script claims that Trump and his allies encourage their followers to avoid college, promoting trade schools instead, while their own children attend prestigious universities, highlighting a contradiction in their advice.

Why does the speaker argue that going to college is beneficial?

The speaker cites economic data showing that college graduates earn significantly more than high school graduates, have lower unemployment rates, and gain long-term benefits such as wealth, stability, and better health.

How much more do college graduates earn on average compared to high school graduates?

According to the script, college graduates earn about 80% more than high school graduates, with average salaries rising from $46,000 for high school graduates to $87,000 for those with a bachelor's degree, and nearly $200,000 for graduate degree holders.

Does the script suggest that higher education causes higher earnings or is it just correlated?

The script explains that extensive research, including twin studies and analyses of school proximity and laws, supports a causal relationship: attending college directly leads to higher earnings, not just correlation.

Are there non-monetary benefits to attending college mentioned in the script?

Yes, the script highlights that college graduates tend to live longer, have healthier lifestyles, more stable marriages, larger professional networks, and higher overall happiness.

What criticism does the speaker make about Trump’s advice to MAGA supporters?

The speaker argues that Trump is giving his supporters an excuse to underperform by discouraging them from pursuing higher education, which in the aggregate reduces their chances of long-term success.

Does the script acknowledge exceptions to the need for college?

Yes, it mentions that some self-starters, like Bill Gates, can succeed without college, but for most people, college provides structure, focus, and methodologies that enhance long-term success.

How does the script illustrate the importance of growing up near a college?

It mentions studies showing that children who grow up near a university are more likely to attend college and subsequently earn higher incomes, emphasizing the influence of environment on educational outcomes.

What example does the speaker give from their own experience to show the benefits of college?

The speaker describes how college provided them with methodologies and focused approaches as an engineer, which allowed safer experimentation and more effective problem-solving compared to their self-directed efforts before college.

How does unemployment vary by education level according to the script?

Unemployment is much lower among college graduates (around 2.5%) compared to those with only a high school education, demonstrating that higher education acts as a buffer against joblessness.

What is the overarching message about the role of education in life success?

The script emphasizes that while college is not the only path to success, it statistically provides significant advantages in income, career stability, health, happiness, and social networks, and discouraging attendance can limit opportunities.