"It's (for many) a four-year vacation,
Which begets student debt
With no useful skill set,
As they'd have if they'd learned a vocation."
Bill Gross, co-founder and -CIO of Pimco, and manager of the world’s biggest bond fund, published a scathing outlook on the US education system. Noting that the average college undergraduate now leaves school with $24,000 of debt and diminishing job prospects, Mr. Gross concludes that, for millions of young people, college is “a waste.” Taking a suggestion from Fareed Zakaria, he proposes to get students out of the ivory tower and into German-style technical training for globally competitive skills.
Hat tip to the Zero Hedge blog.