The question is, is that because of the college education or is it that people who obtain college educations have certain "virtues of character" that would help them be more successful than mere high school graduates even if they had only graduated from high school themselves? Is it causation or correlation?
I think it's a mixture of both.
I agree. A degree does not guarantee you are job. However It does show you are able to complete large complex tasks. So the degree is helpful even out of your field in that respect. And as far as out of field go, colleges doing a poor job of letting college student know about the job prospects in their field when they graduate. They have no problem graduating a student into an already flooded field as they got their money out of it.
Right now the Internet is chock full of anecdotal stories about people who have college degrees and even advanced and professional degrees who are unemployed or underemployed-and-involuntarily-out-of-field. The cost of higher education has also skyrocketed, dramatically decreasing people's return-on-investment.
I completely agree, college costs have risen faster than healthcare. We are sending too many people to college and not enough people to trade schools in my opinion. There are lots of good jobs out there that dont require the expense of college education, but do require some formal training.
These two articles, authored or co-authored by a pro-free market economist who is probably a conservative, may be of interest to you:
Why Did 17 Million People Go to College?
From Wal-Mart to Wall Street: Why College Graduates Are Not Getting Good Jobs
Here's a great blog post about the negative effect of globalism on the U.S. written by a guy who seems like a conservative of some sort:
Global Economy? 23 Facts Which Prove That Globalism Is Pushing the Standard of Living of the Middle Class Down to Third World Levels
And there are other economist that say we are the beginning stages of an economic supercycle that will last for the 30 years and create better life for everyone on this planet.
