Here is the actual article from the St. Louis Post-Dispatch:
Such uplifting news. Of course, the news media is always slow to react to such things. This has been the case for years. The Democrats and Republicans (really two prongs of a corporate machine) have sold the average working person down the river for the last 30-40 years. I know quite a few people with Master's degrees and law degrees who are unemployed. I was at my friend's house on Wednesday night, and the guy is pretty much done with medical school; he is now doing his rotations and then he will go back in May for graduation. He will start making about $49,000 a year as a podiatrist. This friend EXCELLED in med school - from the moment he started. As a result, he had his choice of rotations and residencies. Look where that got him!
I know, being a foot doctor is probably not the best decision in the world. But the malpractice insurance is relatively low, you can work in an office and have a regular schedule, you are not on call, and there are only about 300 slots a year in the U.S. In sum, this allows a doctor to have a normal family and personal life. Few med schools offer the program, and they do what they can to ensure that they do not collectively produce more podiatrists than there are available positions. If you go to med school to be one, you will ALMOST CERTAINLY have a paying job as a podiatrist. (This is not the same as law school, because the schools see it as their main priority to keep the cash cow going; this is why they produce 45,000 law grads every year when there are already too many JDs floating around.) This friend has over $220,000 in student debt, BTW.
We are in the early stages of a third world country - declining pay, longer hours, less career opportunities for the most educated part of the populace, less chances for advancement, no secure jobs, etc. I keep telling people who are interested in law school (or even MBA or a Master's of engineering): "Go on the cheap; know exactly what you want from the program/degree; realistically look at the job market for those in your field; and realize that you may earn the degree (and spend the time, money and energy on this pursuit) and end up EXACTLY WHERE YOU ARE NOW!!"
For instance, I work with a policy analyst (from another firm) who is dead set on going to law school for a J.D. and Master of Public Policy. The schools she is looking at are not cheap, and she does not want to go to the state school. She is 36 years old, and she is pretty bright. I have told her that she needs to go cheap, and preferably get a full-tuition scholarship. When I told her that she might get the J.D./M.P.P. and end up as a policy analyst working for the same industry making the same amount she is now, she got upset. She has her heart set on this endeavor. I also have a friend who is currently teaching English in Korea. He wants to go to law school in New York City. I have referred him to my blog list and provided other helpful info.
In the final analysis, we simply cannot compete with countries/corporations that pay their employees a crap wage, have deplorable working conditions, and have little to no environmental or human rights provisions/schemes to comply with. "Education is the key" has been our national mantra for the last few decades or so. But the reality is that higher education is simply a business. The professors and university administrators are there to keep up the faith of their customers/students.