Is a College Degree Worth It for Everyone Anymore?

There has been many a report of college grads taking menial jobs during the recent economic downturn. Yet others have moved back in with parents, unable to support themselves or pay off college loans. According to a story in The Daily Mail, New York Mayor Michael Bloomberg, famous for his nanny tactics with constituents by making laws restricting what he considers bad habits, is now suggesting that not everybody go to college.

But does he have a point?

The Daily Mail reported that Bloomberg, speaking on his weekly radio show on May 17, suggested that students who aren’t necessarily top of their class should rather go to trade school than take on an expensive college degree. His example, the Daily Mail reports, is the career of a plumber.

"Compare a plumber to going to Harvard College - being a plumber, actually for the average person, probably would be a better deal," Bloomberg is reported to have said, going on to say that plumbers make a good living and are not burdened with about $40,000 or $50,000 in college loans. Also, plumbing is a job that cannot be computerized or outsourced, he is reported to have said.

What do you think? Does the mayor have a point?