You make a fair point when you compare your two hypothetical graduates -- but you also admit that they're extreme examples.Lot of topics flying around on this one!
Hard work, or more like dedicated effort is needed whatever your profession is. Whether is manual labor or computer programing. A college degree is extremly helpful in attaiing some of the better jobs but as someone mentioned so many people are going to college now it is in some ways cheapening the value of a degree.
Another person quoted the poster in a classroom that said on average a college graduate will earn more over their lifetime than a person without a degree which on average still holds true, but if that person had a degree in Finance/ Economics even that could be disputed in individual cases. For example, one HS graduate decides not to go to college so they take trade classes in HS, and as soon as they get out apply to and get accepted to an electricians apprintice program, where they work all day and take classes at night through the union. They star making money on day 1. Another HS graduate (and I admit to using an extreme example here but it happens more than you think) applies to NYU gets accepted and spend the next 4 1/2 to 5 years earning a degree in Womens studies and Religious studies. During college they rack up $100k in college loans. Upon graduation they move to San Francisco and work as a photographers assistant. Using time value of money graduate 1 has positive cash flow from day one. Graduate 2 has negative cash flow from day one. After ten years who is better off?
Obviously in this bias comparison Graduate 1 wins. But to varying degrees this happens all the time. The no income period for those who don't attend college and actually go into debt vs those who start making money on day one means that that college degree may never allow you to catch up.
As for the type jobs available anymore the middle class manufacturing jobs have all but dried up in the US. This is no doubt an alarming trend simply because we are moving to a widely segregated population. Look at Mexico and third world countries. You have the rich ruling class and you have the poor. Thats it. This leads to civil unrest, and the deterioration of the country. The US has thrived for so long because of a strong middle class but in articles I have read lately they are saying that there will be perpetual unemployment for males in the 21 to 55 age group w/o college degrees that will run as high as 1 in 4. 25% of these people will always be out of work. That's scary.
In todays environment we need to encourage kids to look at the employment segments that are projected to grow over the next couple of decades and steer them there. Kids need to pick the right course of study and stick with it to graduation.
My brother was the kid who took vocational classes in high school, then went into the Navy to further his training at no cost to himself. Today he makes more money than I did (with my college degree). But he went into a high-earning field, AND he received some very technical training AND he works like a dog. Whereas, I am a teacher -- I'm low-end on the salary scale for college grads.
To make the comparison more fair -- and to make it fit the majority of workers -- make it two people interested in the same field. Let's make it accounting. One person takes accounting classes in high school and leaves school ready to become a book keeper in a small company. He starts making money immediately, but he can't really move up too far in his field. The other person goes to college (perhaps even taking out moderate loans). He eventually earns a CPA license and is highly employable. Yes, he won't start earning for years after high school, and he may have to repay loans, but as the years progress, he has more employment opportunities, and his salary increases. He eventually supervises a department, and the book keeper works for him.
I agree that it's tremendously important that we encourage our children to choose their path in life carefully. Not all paths lead to financial success, and although money can't buy happiness, lack of an adequate paycheck is a sure-fire way to misery.
In all fairness, this is a two-edged sword:I partially agree, however we as a society have stopped caring about people. There was a time not too long ago where you could get a good job with a company, work there for 40 years, retire, collect your pension, and be taken care of for the rest of your life. Now, pensions have been replaced with 401Ks, which have no guarantee of return. Also, companies nowadays have solely a short-term focus. An employee is nothing more than a resource !
It wasn't all that long ago that a man (I say a man because this was really before women worked at anything more than a little tide-me-over-'til-I'm-married job) found a job and stayed there 'til he retired. He was loyal to that company. He put in a fair day's work, didn't pilfer from the company coffers, didn't waste company time messing around on Facebook, and was glad to have a steady job. He didn't switch jobs every 3-5 years.
At the same time, companies put effort into training employees because they expected to keep them for years. They paid his benefits, which were really worth someting. If he was sick, someone checked on him and offered help. The company wouldn't lay him off in lean years because they knew that it was temporary and it was better to keep him on the payroll than to try to replace him later.
Which came first? Individuals who said, "Screw the company -- I'm out to get what I can for myself" or companies who said, "We're all about the bottom line, and if you want to work here hold on tight 'cause we move fast"? I don't know, but the change has occured on both sides.