A Simple Solution To Enhance America's Labor Force

One of the biggest problems facing our civilization is the ridiculous rate at which students are dropping out of college, thus putting a pressure on our economy and financial system, and diminishing the quality of our labor force. The reason for this exodus is two-fold:

1) The amount of money involved

2) The amount of time it takes to graduate

First, The Amount of Money Involved:

According to the College Board, the average cost of tuition and fees for the 2013–2014 school year was $30,094 at private colleges, $8,893 for state residents at public colleges, and $22,203 for out-of-state residents attending public universities.

That’s just the College Tuition. Add to that the cost of books, living expenses, etc… and the end result is a student graduating with an average debt of $35,000. According to the New York Fed, total outstanding student loan debt has surged to $986 billion, making it the biggest category of non-housing debt on consumer balance sheets. The Consumer Financial Protection Bureau estimates that student loan debt is actually a little higher, at $1.1 trillion. The second-biggest debt category in the New York Fed data is auto loans, with $794 billion outstanding.

Second, The Amount of Time It Takes To Graduate:

On average, it takes about 4 years to get a Bachelors Degree in the United States. 2 of the 4 years, are essentially wasted on teaching students subjects that have no practical use in the Corporate World. Myself, a Finance major, I was forced to take classes like Poetry, Psychology, Fiction, etc… classes that I never really had any use for after I graduated. If it weren’t for those classes, I would have graduated in 2 Years.

Now that we have the painful-reality out of the way, we can focus on what can be done to improve the current state of education, and keep students in college.

I began this post by outlining the two major reasons why students drop out of college; I’ll reiterate them again:

1) The amount of money involved

2) The amount of time it takes to graduate

In order to solve this issue, we need to find a solution for any one of the above mentioned reasons. As such, we can eliminate the first reason (money), because this is America, and we believe in Capitalism. We don’t want to be in a situation where the Government decides how much students should pay for their college education.

So we eliminate the first reason, and focus on the Second: The Amount of Time It Takes To Graduate.

The idea that a 19 year old cannot function efficiently in a corporate environment, is utterly ridiculous. Students should be able to receive their College Degrees in 2 years. Colleges should eliminate the unnecessary courses from the curriculum, and offer only the courses related to the field of study. What I mean by that is, lets say a student is pursuing a Bachelors degree in Finance, that student should only be taught courses pertaining to the field of Finance. This straight-forward approach enhances the quality of labor and will in turn help the economy grow.

As the demand for high skilled quality labor increases, I believe Colleges/Universities will start offering degree programs that take only 2 years, as opposed to 4 years. Until then, your best course of action is to stay in school and complete your education.