Michael Barone reheats and serves up a plate-full of stale pizza cliché in his June 8 Washington Examiner column claiming people who choose not to go to college might be better off than those who do. (This article was rerun in my local paper, the Daily Mining Gazette on June 10, and this letter is in response to that edition.)
The fact of the matter is, the economy has created 11.6 million jobs since the recovery of the great recession. Ninety-nine percent of those jobs have gone to people with some education, 72 percent have gone to people with a four year degree or better. The Michigan Bureau of Labor Market Information and Strategic Initiatives recently found that of the top 50 good paying, growing occupations in the state through 2024, 43 require some college, and 36 require a bachelor’s degree or higher.
Mr. Barone points to rising tuition and administration bloat as two more reasons students should not attend college. Michigan’s House Fiscal Agency found in 2013 that since fiscal year 2001, 80% of tuition price increases are attributable to state funding reductions, and nearly 100 percent when factoring in institutional financial aid. When accounting for inflation, Michigan Tech’s state appropriations are 30 percent lower than they were in 2002, but yet, Michigan Tech is educating 10 percent more students than it was in 2002. Doing 10 percent more with 30 percent less does not suggest Michigan Tech is on a path towards bloat.
Yet still at $63,300 a year, Michigan Tech grads are earning the highest average starting salary of any of the public 15 universities and 10th highest in the nation. Our graduates spend about 3.5 percent of their take home paycheck paying off their student loan, less than Michigan’s state income tax rate of 4.25 percent. And yes, our graduates do pay back as well. Last year, an estimated 1,000 Michigan Tech graduates started their careers in Michigan; earning the average starting salary they will collectively earn over $60 million dollars and pay 2.8 million in state income taxes – in just one year. We suspect that the 23,000 Michigan Tech grads of working age in the state are doing at least as well as this one class.
Michigan Tech is feeding a talent-starved industry sector with the graduates who can develop, understand, apply, manage, and communicate science, technology, engineering, and mathematics. As much as Mr. Barone wants to paint all higher education institutions as bastions of leftist idolatry, it’s clear he forgets to assert that the engine of a knowledge-based economy is education.
I wonder if Mr. Barone thinks he would have been better off declining his secondary education at the elite Michigan private high school of Cranbrook (with a current endowment of over $300 million) and as well his college at Harvard ($37 billion endowment) and his law degree from Yale ($1.2 billion endowment). My guess? Probably not.