This is what happens when a society is mislead by its elite. No, it’s not a problem of capitalism. It’s just the mistaken notion that everyone needs an education, which has come to increasingly mean a college degree.
After the Second World War when women increasingly entered the workforce, particularly from the 60's and 70's, it became an arms race between the marketplace, the government and academia.
The governments’ rush to continue its’ increase in size and largesse, born of The New Deal, created a situation of immense power and influence over both the Academy and the Market. This meant an increase in both the number of jobs and financial expenditures, creating an inflationary upward spiral. This is all good so far right?
Meanwhile the market needed to somehow create a slew of new jobs for both a rising population as well as the massive influx of female participation in the workforce. This necessitated an increased call for an ever more trained, skilled and educated workforce.
[note. I haven’t gone to college, but as far back as I can remember I was told I needed to go to school if I wanted to get ahead]
Academia for its part complied with this new found urgency for “degrees”, by increasing the number of courses available, tailored to an increasing diverse audience (ethnic, racial, gender, exc.) rubric.
In the end it all came down to which would peter out first.
Useless certificates, given from degree granting institutions, have continued to proliferate without end since the 60's as has the insane notion of “publish or perish”. Meanwhile the government, largely run by the banks of Wall Street thru the Federal Reserve, has quadrupled in size since 2000. Think about that for a second. Four times as many people work for the Government than just 16 years ago, doubling in each of the last two Administrations (one Republican the other Democrat).
Therefore, all that’s left to fall off is the free exchange of goods and services, including actual jobs making things, aka the free market. Even the invisible hand couldn’t keep pace with the deformations caused by a government hell bent on maintaining the illusion of prosperity, thru price fixing, asset manipulation, interest rate chicanery and the conversion of money from a position of soundness, based upon an actual commodity, into a position of perpetual debt, where all money today is debt. Even your paycheck comes from someone else’s debt; or there is more debt than money in the world today.
When coupled with an academic society that churns out degrees faster than a roll of toilet paper gets used, and is about as useful as…, then there is no longer an invisible hand, but just a piece of useless paper. When everyone has a degree then the only way to get ahead is to get an advanced degree. But then when everyone has one of those, then everyone will need to get a doctorate. The problem with that is that, when everyone is special then no one will be. Meanwhile there isn’t anyone left to build anything. There won’t be any carpenters or electricians or even maids or dog walkers.
One thing is for certain though; capitalism will be blamed! Not Statism, not cronyism and especially not elitism. No just the distorted, deformed and hollowed out hulk of capitalism.
Sorry to pick this one thing out, so I could rant all over your post. SORRY 🙁