Dartmouth or Drano?

This past week, New York City Mayor Michael Bloomberg said, "Compare a plumber to going to Harvard College — being a plumber, actually for the average person, probably would be a better deal. You don’t spend ... four years spending $40,000, $50,000 in tuition without earning income.” [Extracted from Pipe dream: Skip college, become a plumber]. His comments sparked controversy and raised questions about the advantages of pursuing a college degree with tuition rates that have skyrocketed some 400% in the past thirty years. Bloomberg added, "The people who are going to have the biggest problem are college graduates who aren’t rocket scientists, if you will, not at the top of their class" and that "Success in college and careers requires good writing and critical thinking skills as well as good math and science skills." [Pipe Dream] Perhaps Bloomberg meant more precisely that if you attend college and don't do well there, you may be wasting your time and money, and maybe you would be better off learning a trade. This point about doing well at a trade is one I understand. After Superstorm Sandy devastated the northeast region, I returned to my island home to the clanking noise of gas company workmen dismantling my now turned-off gas meter -- it had been submersed by flooding seawater and required replacement. Faced with being homeless for weeks or possibly months, I was elated to return home to my new gas meter one week later, replete with red ribbon and tag for the plumber-I'd-have-to-find to reconnect to my home. I quite literally collared a plumber who was working on my street two days later and -- a half-hour later and $125 poorer -- my gas was reconnected with my house and I was reconnected with my home. That's a lot of money for time spent with no cost for parts, but I'm not complaining. So to be or not to be a plumber? In an economy where jobs are being eliminated as quickly as others are being created, Bloomberg notes that it's "hard to farm that out and it’s hard to automate that." [Pipe Dreams] That said, I decided to poke my nose further into the issue and discovered Trends in Higher Education, which pointed out the much higher job loss and unemployment rates of high school level educated workers compared with college educated ones. And this makes sense. As our world whirls forward with innovation and technology, it follows that certain jobs that once required manpower no longer do. A drive up the parkway shows how toll collectors have been mostly replaced by EZ Pass, and tours through modern factories reveal marvelously complex robotics completing intricate manufacturing. The end result is a loss of blue-collared jobs. At the same time, computers and technology have impacted white-collared jobs, too. Think of the accountants who have lost clients to Turbo Tax and lawyers to online legal resources like Legal Zoom? A Georgetown study showed the advantages of a college education in "The College Advantage: Weathering the Economic Storm.", where it confirms much higher job loss in blue-collar jobs during the Great Recession of 2007 and the overall job recovery for college graduates. In addition, the report suggest that college graduates recoup the money invested in college on average in 11 years and that the economic advantage is enormous over the course of a career. So, what's the final answer? Plumber or college graduate? Perhaps the answer is as simple as this -- you better be great at whatever you choose to do. And this, I believe, is as simple as common sense.