Is a college degree worth the cost? You decide.

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President Obama claims credit for having created millions of jobs. Despite the fact that most of those jobs merely replaced the ones lost earlier in his term, Obama never really talks about the quality of the jobs he claims credit for having created. Here is an example of some of the plumb jobs college grads were able to land during the Obama administration. Not just liberal arts majors mind you, but graduates with degrees in mathematics, robotics, neuroscience, engineering, accounting, business administration, economics, biology, communications, graphic design, marketing, and linguistics.

President Obama promotes the myth that everyone must go to college. That if you don’t go, your life will be ruined — that you will end up waiting tables, or trapped in some other mundane occupation. The truth is, even with a college degree, you may still end up waiting tables, you’ll just begin your “career” four or five years later, tens of thousands in debt.

Of course when it comes to education, it’s not just the Obama administration that deserves a failing grade. For years, politicians of both parties have pandered to students by promising more aid in the form of direct or subsidized student loans. As a result, colleges and universities are freed from competitive forces that would otherwise keep tuitions low. Easy access to cheap credit enables students to bid up tuitions, benefiting the educational establishment at their expense. Politicians secure their votes by promising relief from skyrocketing tuition by providing even more loans. Ironically, the loans themselves are the very reason tuitions are so high in the first place.

Before the federal government got involved, college degrees were much more affordable, and ambitious students from poorer families could easily work their way through. In addition, as fewer high school graduates actually went on to college, not only were college degrees much less expensive to obtain, they were far more valuable to have. Today, with the vast majority of high school grads going on to college, a college degree is actually less valuable in the job market, despite its inflated price tag, than was a high school diploma in the 1950s. The only solution is to get the Federal Government completely out of higher education, and let the free market fix what the government broke!

Peter Schiff is an American investment broker, author, financial commentator, and was a candidate in the 2010 Republican primary for the US Senate.

Video © and provided by Peter Schiff.