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Today in the US in all some 17 million college-educated Americans have jobs that don’t really require any level of education. Over 5,000 PhD's are currently employed as janitors.

October 24, 2010 (Hamsayeh.Net) - The economic situation in America is getting worse with each and every passing day. A newly released statistic show there are now more than 17 million people in America today doing basic jobs holding college degrees as high as PhDs.

At the Chronicle, where the latest statistic was posted, over 18,000 Americans with post-graduate degrees are currently employed as simple parking lot attendants while 5,000 PhD graduates are busy doing janitorial tasks. It should be reminded that the cost of obtaining a post-graduate degree from an American institution is simply staggering at times reaching hundreds of thousands of dollars. So now many people question the validity of having a university degree and what it can do to provide a better life by risking to obtain a better education.

Nowadays in the US in all some 17 million college-educated Americans have jobs that don’t really require any level of education. Richard Vedder of the Chronicle, argues it is possible that there is too much emphasize on having a post-graduate degree. He noted, ‘This week an extraordinarily interesting new study was posted on the Web site of America's most prestigious economic-research organization, the National Bureau of Economic Research. Three highly regarded economists (one of whom has won the Nobel Prize in Economic Science) have produced "Estimating Marginal Returns in Education," Working Paper 16474 of the NBER. After very sophisticated and elaborate analysis, the authors conclude "In general, marginal and average returns to college are not the same." (p. 28)

‘In other words, even if on average, an investment in higher education yields a good, say 10 percent, rate of return, it does not follow that adding to existing investments will yield that return, partly for reasons outlined above,’ he said.