Proponents of education have quite often used the propaganda that higher learned not only is a vital necessity to succeed in today's world, but is the equalizer against poverty and social economic environments. That fallacy may be coming to an end as a new study is showing that those who begin at lower levels of household income stand to earn far less for the same college Degree than those in a much higher bracket.
Meaning... in the real world, success is not measured by education and drive, but on money and the connections that come from it.
What does the above chart imply? Nothing more than that for the vast majority of people, college degrees are the modern-day equivalent of very, very expensive snake oil.
Yes: colleges are sold to you as the critical stepping stone on the path to wealth and prosperity, but sadly the empirical evidence demonstrates that when it comes to an actual, demonstrable income effect, only the wealthiest people actually benefit from a degree! The lowest fifth of household by income see their change in income decline by 10%, while the middle fifth sees an incremental 2.1% drop. Where do incomes rise? When you are already wealthy and belong to the highest fifth of households by income: there, going to college boosts your income by an additional 15.1%
And since for the great majority (excluding the richest of course), a college education is funded by even more implied poverty, i.e. debt, which is merely the opportunity cost of future income and wealth, the simply math works out as follows: college - a tool for making the rich richer, the poor poorer, and virtually everyone (excluding the richest, again, of course) a debt slave into a system that beguiles impressionable youths with dreams of money and power, and cheap low interest private and Federal student loans, only for the illusion to shatter upon graduation and all those wonderful jobs demanding a piece of paper procured in exchange for 4 years of debt-funded classes, turn out to have been a mirage all along...
In short: the only hope for a great many people is nothing but a debt trap. - Zerohedge
For a large portion of the wealthy in the world, education had little to do with their prosperity and success. Bill Gates was a college dropout, and Sam Walton relied upon loans from his Father-in-law to build his first few retail stores. In truth, luck, risk, and hard work achieves far more than a college Degree, and validates that in an open playing field, not all have the intestinal fortitude to be an entrepreneur because of the qualities necessary to achieve great success.