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Perhaps the flaw isn't the fault of the students or the employers. Perhaps it's the fault of the schools not teaching what is needed thus nobody really is qualified. Goodness, haven't we been having these discussions how our test scores keep going down and down? Perhaps it's the very "education" system that is at fault and not the degrees. I mean, if you had even a "good" degree but bad teachers, you might still not do that well. On the other hand, if you had a "less desirable" degree but teachers that made sure you got the important material learned, then you'd do better than the guy with the "good" degree but the poor teachers.
There are other things to factor in too. Suppose that you are in IT and your parents weren't and not really many people in your family were. You might graduate from college and not know the going rate and thus be willing to settle for less. If enough people do that, it can pull the rates down as employers can hire enough suckers to be able to control the wages of even the more knowledgeable.
It might not just be the degree but sometimes perhaps an underestimation of what the degree was worth. For instance, I kept applying for entry level computer programming jobs for Chicago or one of the suburbs and putting about $40,000/yr (which I though, given cost of living plus some medical expenses I have, getting too much below that would make it not worth it.) However, when I noticed a similar job hiring there that DID have a salary listed for about $60,000, I realized that I'd been underselling myself.
The United States accounts for 26% of the world's GDP with about 4% of the world's population. American's have it pretty good.
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