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Are College Degrees are a Becoming Worthless? · Earn Your Leisure

• 0:00
  Speaker 1: It's one hundred and four million people.
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  Speaker 2: That are not even looking for work or not in
• 0:06
  Speaker 2: the American job system.
• 0:08
  Speaker 1: So talk about a scary fact.
• 0:10
  Speaker 2: And even for us as African Americans, a lot of
• 0:13
  Speaker 2: us have been pushed out of corporate and forced into entrepreneurship.
• 0:17
  Speaker 1: Purely by necessity, not by choice.
• 0:21
  Speaker 2: So there's a lot of conversation about how strong the
• 0:24
  Speaker 2: economy is. I know, the indexes are only down two
• 0:27
  Speaker 2: to four percent, depending on which one you're looking at,
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  Speaker 2: but that's a large swath of America, nearly a third,
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  Speaker 2: who have given up on the job market all together,
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  Speaker 2: and I think it's definitely a sign of the times.
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  Speaker 3: Yeah, I'm with you. It was interesting.
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  Speaker 4: I was watching CEO of Service Now McDermott talking about
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  Speaker 4: the workforce going into the next five to ten years,
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  Speaker 4: and he thinks college graduates. It was pretty alarming. He
• 0:53
  Speaker 4: said he thinks that thirty percent of college graduators won't
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  Speaker 4: have a job postgraduation. I think the average right now
• 0:59
  Speaker 4: is like six to seven percent, he says he sees
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  Speaker 4: going to thirty. We watch Meta have layoffs early late
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  Speaker 4: last week, and.
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  Speaker 3: So you're seeing that cycle.
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  Speaker 4: And the most important thing I could say is yes,
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  Speaker 4: we understand the importance of AI and the destruction is
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  Speaker 4: going to cause, but I don't think we're paying attention
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  Speaker 4: to how we need to execute and using it, becoming
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  Speaker 4: educated by it. That's why I think Thursday's episode is
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  Speaker 4: one of the most important things we've ever done, because
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  Speaker 4: it gives you the foundational layers of how we need
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  Speaker 4: to look at this going forward so we can take
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  Speaker 4: advantage of it, participate in it, and make sure we
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  Speaker 4: don't get left behind. Yeah, but it's happening.
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  Speaker 3: It's happening.
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  Speaker 2: Reshot out to your point because you made me go
• 1:41
  Speaker 2: research this, like, what do we do? Because honestly, if
• 1:46
  Speaker 2: kids are not able to get job placement after the solution, okay,
• 1:50
  Speaker 2: one alternative is to invest, But if you don't have
• 1:53
  Speaker 2: any capital, you can't even invest or, you can't bother
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  Speaker 2: proversion of claude or open AI. Is Are there any
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  Speaker 2: solutions for those who may feel like that status to
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  Speaker 2: doom and gloom?
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  Speaker 1: Unfortunately not.
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  Speaker 5: I mean, once again, going back to the episode that
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  Speaker 5: we're coming out with on Thursday, when she was talking
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  Speaker 5: about how AI is going to really force everybody to
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  Speaker 5: become an entrepreneur in some way or another and you know,
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  Speaker 5: just looking at the landscape, I see AI really really
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  Speaker 5: really taken over in a variety of different ways. So
• 2:28
  Speaker 5: can't beat them, join them. I don't necessarily think that
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  Speaker 5: we're going to go back to a world where you know,
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  Speaker 5: it's going to be how it once was. It's only
• 2:39
  Speaker 5: going to get worse from here as far as like
• 2:43
  Speaker 5: that level of thinking when it comes to jobs. But
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  Speaker 5: you know, there's opportunities in other areas freelance work, and
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  Speaker 5: I think you're going to have to be a little
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  Speaker 5: bit more creative. But I don't think that it's going
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  Speaker 5: to be a world where you can actually just pay
• 2:59
  Speaker 5: for education and after you graduate then get a job.
• 3:02
  Speaker 5: Really questions if education has the same value, especially from
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  Speaker 5: a financial standpoint, If you want to spend a lot
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  Speaker 5: of money on.
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  Speaker 1: Education, is that education worth it.
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  Speaker 5: If the education does not guarantee or that is not
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  Speaker 5: a pathway for success.
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  Speaker 4: That's part of the conversation that the pathway will definitely
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  Speaker 4: be changed. I was reading an article it might have
• 3:31
  Speaker 4: been in the Journal, could have been in maybe got Finance,
• 3:35
  Speaker 4: about where they think technicians plumbers, how will their salaries
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  Speaker 4: increase over the next five to ten years, Will they
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  Speaker 4: be now replacing Will they be the highest paid professions
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  Speaker 4: because those are skills.
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  Speaker 3: That are going to be needed. I don't know if
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  Speaker 3: they just say they just say anything. I don't think.
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  Speaker 1: I don't think.
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  Speaker 5: I've seen a dude. I've seen a guy from what
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  Speaker 5: tech company? He was some tech company, and he said
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  Speaker 5: that plumbers are going to start making Lebron money.
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  Speaker 4: No, yeah, let me just faish before you go there,
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  Speaker 4: because I don't think it's true. But it does speak
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  Speaker 4: to a shift on that that new path was like,
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  Speaker 4: what is it? I think it is skill based, right,
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  Speaker 4: Like we have to figure out what a skill is,
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  Speaker 4: not so much of what we should be studying to
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  Speaker 4: now figure out if we can get a career in
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  Speaker 4: that path, What is the skill that we have. How
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  Speaker 4: do we converge that skill with artificial intelligence to get ahead?
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  Speaker 5: Yeah, but the whole logic behind that doesn't make any
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  Speaker 5: sense because we always needed plumbers. It's never like we
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  Speaker 5: didn't need plumbers, and it's not like we're building fifty
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  Speaker 5: million new homes all of a sudden. So it's like
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  Speaker 5: the idea of like plumbers are going to start making
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  Speaker 5: twenty five million dollars a year. I just don't understand it,
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  Speaker 5: Like we always needed plumbers, and we have plumbers. We
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  Speaker 5: do have a shortage of plumbers, but it's not like
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  Speaker 5: every single plumber in America is going to die tomorrow
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  Speaker 5: and then there's going to be ten plumbers. Well, then yeah,
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  Speaker 5: their value would be twenty five million dollars a year
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  Speaker 5: if there was only ten plumbers that can actually do
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  Speaker 5: the craft.
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  Speaker 3: But like, what is going to change in society?
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  Speaker 5: Because artificial intelligence is not threatening plumbers right now, So
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  Speaker 5: why would a plumber's value just automatically go up to
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  Speaker 5: twenty five million dollars a year?
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  Speaker 1: I just don't understand the lot.
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  Speaker 2: The thought is if AI takes over, there'll be a
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  Speaker 2: limited supply of jobs, therefore the value of those will
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  Speaker 2: go up.
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  Speaker 1: But to your.
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  Speaker 2: Point, every CEO who I ever heard say that they
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  Speaker 2: never tell the kids go to be a pup plumber,
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  Speaker 2: and they never resign a CEO of a tech company
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  Speaker 2: to then that job.
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  Speaker 3: I think that was part of the piece.
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  Speaker 4: It was like, we're going to see careers be completely disrupted, right,
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  Speaker 4: Like the example they use was like lawyers going forward?
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  Speaker 3: What would that look like? Would that be a high
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  Speaker 3: paying job? Right?
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  Speaker 4: If you think about it, like the way that Claude
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  Speaker 4: is moving, the way that open Aiy is moving.
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  Speaker 3: Yeah, we might see disruption in the law practices.
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  Speaker 4: From the medical standpoint, our doctor is going to be
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  Speaker 4: the highest for meut job. We don't know right like,
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  Speaker 4: right now those are the highest paying jobs. But you
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  Speaker 4: add intelligence into that, you add efficiency into that. Right
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  Speaker 4: now malpractice is out. It changes things. And so they're saying,
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  Speaker 4: if those aren't the highest paying jobs, what now becomes those?
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  Speaker 4: And they're thinking, like the skills technicians, electricians, things like that, Yes,
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  Speaker 4: you can make great money doing that. Now as an entrepreneur,
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  Speaker 4: they'll see that going up and increasing over time.
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  Speaker 5: And it's service, but it's not even sustainable, Like as
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  Speaker 5: far as somebody's going to play a plumber more than
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  Speaker 5: a cost to build a home. If that's the case,
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  Speaker 5: I won't even have a home. Like if I have
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  Speaker 5: to pay a plumber five hundred thousand dollars to plumb
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  Speaker 5: my house because their value has just going up exponentially, well,
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  Speaker 5: what does that do to real estate prices? Because one
• 6:48
  Speaker 5: of two things happen, Either you just can't afford to
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  Speaker 5: buy a home anymore, or real estate now has to
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  Speaker 5: increase with that. So now the price of a million
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  Speaker 5: dollar home is now worth ten million dollars because the
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  Speaker 5: plumbing alone is worth five hundreundred thousand dollars. I don't,
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  Speaker 5: I just don't. I just don't understand it. Just it's
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  Speaker 5: one of these things that just sounds good on paper.
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  Speaker 5: But when you say a plumber is going to start
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  Speaker 5: making Lebron James money.
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  Speaker 3: Yeah, that's that's ridiculous a billionaire.
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  Speaker 2: It's it's lip service because if I destroy an industry
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  Speaker 2: with my software, I didn't have to give you a
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  Speaker 2: way to make money.
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  Speaker 1: So I'm not looked at as the villain.
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  Speaker 2: And this is a prime example of an executive telling
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  Speaker 2: you one thing and doing another. They know that the
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  Speaker 2: pay rate is not going to increase dramatically. The entire
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  Speaker 2: purpose of artificial intelligence is to lay off the majority
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  Speaker 2: of the workforce, and like I said, it's one hundred
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  Speaker 2: and four million people outside of that right now. And
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  Speaker 2: even if you're trying to get a job, it's just
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  Speaker 2: hard to even get through the AI filters through your resume.
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  Speaker 2: So it is working successfully, and a lot of times
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  Speaker 2: they're saying this too to get funding because they don't
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  Speaker 2: want their venture capital company to or private equity company
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  Speaker 2: to be on the hook for funding them for then
• 8:00
  Speaker 2: also erasing the job market and causing catastrophe. There also,
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  Speaker 2: the Canadian economy lost eighty four thousand jobs in February,
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  Speaker 2: six point seven percent drop, thirty two percent chance of
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  Speaker 2: a recession in Canada.
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  Speaker 1: We are in a crisis and everyone acting like it's okay,
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  Speaker 1: and it's not.
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  Speaker 5: But what I will say is that the education system
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  Speaker 5: is going to is in great danger right now, and
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  Speaker 5: I feel like that's something that you know is going
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  Speaker 5: to be a crisis. When you look at education is
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  Speaker 5: a big business within itself, and that's that's something that
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  Speaker 5: a lot of people benefit from. So now when people
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  Speaker 5: really start to have second thoughts about education and spending
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  Speaker 5: so much money on education, that's an economic effect as
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  Speaker 5: well from people that are reliant on education, not just
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  Speaker 5: from teachers, but administrators, the government, student loan programs, a
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  Speaker 5: variety of different things. This is billion dollar industry. So
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  Speaker 5: when you no longer see value in it the same
• 9:01
  Speaker 5: way that you want sore value in it, and how
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  Speaker 5: it's been positioned over the last fifty years is that
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  Speaker 5: it's kind of like a mandatory thing. If you want
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  Speaker 5: to excel and get to the middle class or above.
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  Speaker 5: Is that you have to go to college. Now when
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  Speaker 5: that becomes relatively optional and people aren't seeing the value
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  Speaker 5: in that anymore, well, that's an economic effect also.
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  Speaker 4: Yeah, and you take into it you start thinking about
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  Speaker 4: student loan, who are you borrowing from? Right, exactly? You
• 9:33
  Speaker 4: start to cut back on that, that's less referrable exactly,
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  Speaker 4: that becomes a huge problem. So education reform, I mean,
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  Speaker 4: it's long overdue, but I feel like we're at the
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  Speaker 4: forefront in our lifetime.
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  Speaker 3: Within the next ten years, we're going to see a
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  Speaker 3: drastic change.
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  Speaker 4: And how people look, how they treat, how they feel
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  Speaker 4: about going to school, and the value of it. I
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  Speaker 4: mean this jet we're coming from a generation where it
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  Speaker 4: was still the thing like will get a good degree.
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  Speaker 4: I'm starting to see, like the young people that we're around,
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  Speaker 4: it's like, maybe it's.
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  Speaker 2: Not even viable because the reward scenario or ratio isn't
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  Speaker 2: even more.
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  Speaker 3: Why would I go?
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  Speaker 1: Right?
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  Speaker 2: I mean, just looking at some of the colleges in
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  Speaker 2: New York, looking at one hundred and ten per year,
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  Speaker 2: that's crazy, Like to pay four hundred for undergrad three
• 10:18
  Speaker 2: hundred and fifty for undergrad and then to make what
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  Speaker 2: sixty grand and have all the debt to pay. So
• 10:24
  Speaker 2: there definitely needs to be a restructuring. But the sad
• 10:26
  Speaker 2: part is that you can't write.
• 10:28
  Speaker 1: Off those loans on five on them. That's the part
• 10:32
  Speaker 1: that sucks