While a shortage of workers is pushing wages higher in the skilled trades, the financial return from a bachelor’s degree is softening, even as the price — and the average debt into which it plunges students — keeps going up.
But high school graduates have been so effectively encouraged to get a bachelor’s that high-paid jobs requiring shorter and less expensive training are going unfilled. This affects those students and also poses a real threat to the economy.
“Parents want success for their kids,” said Mike Clifton, who teaches machining at the Lake Washington Institute of Technology, about 20 miles from Seattle. “They get stuck on [four-year bachelor’s degrees], and they’re not seeing the shortage there is in tradespeople until they hire a plumber and have to write a check.”