May 19th, 2015 // 6:40 am @ Oliver DeMille
A college-level education is increasingly important in the new economy. Higher education has long created a significant divide between the “haves” and “have nots,” and by all indications this trend will intensify for the next three decades.
The gap between the affluent (we’ll call this the A Economy) and the middle class (the M Economy) is growing, and higher education is one of the clearest differences between these groups. The ranks of the lower classes (the R Economy—with R standing for “Risk”) are swelling, as more in the middle class find themselves caught in high debt and paycheck-to-paycheck living. Again, higher education marks the divide between those in the A Economy and almost everyone else.
Moreover, as North Americans compete for well-paying jobs and economic success in an increasingly global marketplace, the old system of “college degree = secure job with good benefits” no longer holds. Fewer graduates are able to maintain their parents’ lifestyle, and the middle class is dwindling.
As a result, those in the Middle Economy are left with a choice: rise to the Affluent Economy or join the Risk Economy. With career opportunities increasingly elusive for young people in this environment (in both North America and Europe), higher education has become even more important.
There is much more to this article – including where the different classes are heading; various ways of getting a great education; finding where to get your college-level education; and more!