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Underemployment and worthless college degrees

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Your personal opinions on Peter Schiff notwithstanding, that's about two dozen real people who work with something that never needed their college degrees.

In addition to the unemployment created by the current economic problems, we've also heard a lot in the last couple of years about how many college degrees are worthless, and only burdens people with extra debt. This is usually ascribed mostly to liberal arts degrees and other soft sciences and non-sciences, but from what I can tell many STEM employers require a couple of years of experience in addition to a degree, and that experience is many times difficult to come by.

What troubled me the most about that video was the fact that there were engineers and other STEM people among those interviewed.

Are or have you been underemployed/unemployed or do you know other in that situation? Would you ascribe this merely to the current state of the economy, or do you think there is some truth to the idea that tons of people are being educated to be unemployable? Should and can anything be done about this?

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