Many working sinkies with degrees already know their paper certs have degenerated into toilet paper when the floodgates are opened widely & workers with unknown paper certs(incl. Drs) from 3rd world countries can get hired & displaced locals.
Situation in S Korea provides a glimpse for what's down the path for S'pore.- Young South Korean graduates face jobless woes
"I've worked really hard to get all these qualifications, though... the thing is, there are too many people like me & too few jobs for us. If I have children, I'll never press them to go to college/Uni like my parents did. I'll tell them to find their real passion first instead of just following the pack."-23 year old Korean grad
Similar fate already happening & will continue in S'pore. Many youngsters being young have no idea of what they want. Coupled with pressure from parents & the herd, many just go along blindly. In paper-crazed societies many parents want their kids to be Drs/Lawyers so as to have 'face'- Watch Rich Son Poor Son
"Excessive 'education inflation' of our country is causing so many problems socially & economically" -Korean President Lee Myung-Bak
President Lee even proposed setting a hiring quota at government bodies for high-school graduates -- a measure intended to encourage more teenagers to seek work after school ends, instead of heading straight for college with no clear goal.
- Overall unemployment rate is low at around 3%, but rate for those aged 25-29 is more than twice as high.
- In the 2nd quarter, unemployed college or university graduates -- estimated to total 373,000 -- outnumbered jobless high-school graduates for the first time in more than 10 years.
- Even at Seoul National University, nearly 30% of its Ph.D holders were jobless in 2011 compared to about 15% 2 years earlier.
- Korean labour ministry warned of shortage of 500,000 jobs for college or university graduates by 2020 & an oversupply of 320,000 jobs available for high-school graduates.
Economist Chang Ha Joon sums it up best:
- Even subjects like maths or science which are important for raising productivity, are not relevant for most workers - investment bankers do not need biology or fashion desginers maths in order to be good at what they do.
- A higher proportion of knowledge becomes embodied in machines. eg. shop assistants do not even need to know how to add- a skill that their counterparts in earlier times must need. Technicians at small electronics shop of poor countries can fix more things than individual workers at Samsung or Sony.
- Degree inflation has become like a theatre in which some people decided to stand to get a better view, prompting others behind them to stand. Once enough people stand, everyone has to stand, which means that no one is getting a beter view, while everyone has become more uncomfortable.
Thomas Stanley wrote in his book 'The Millionaire Mind':
- If you love what you are doing, your productivity will be high & your specific form of creative genius will emerge.
- Even analytically intelligent people often select vocations that are filled with competitors & discover that they don't love their careers. Even if they are genius, it's hard to win a competitive economic battle if your heart & emotions are not completely dedicated to victory.
4th & 5th universities are a cashcow for the govt & the govt-owned banks. Sinkies are already heading for extinction with pathetic fertility rate. More debts on the smaller future young generations will speed up the 'sinking of the ship'.