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OTOH where would the next generation of doctors and engineers come from if everyone said no to college?

The genius here is Everyone won't do it. It's a big world. People have different desires, plans, expectation, agendas, and influences. That's good.

Everyone feeling forced to, by employer's filtering tactics and other marketplace subterfuge, or being made to feel they must do it, is bad. That is the situation that defines most college attendance today.

There will always be people who want it and can afford it. And there will always be disciplines that require it. When the student is ready, the Master will appear. A match made in heaven. Goody goody unto them!

The vast majority of people need not much more than a decent job to underwrite the rest of their lives wherein they can be happy. Paying for a Job skill + Shakespear is over paying. And that "well-rounded" education thing they keep bringing up? That's an Academe "rice bowl" issue. You can get all that by just reading more. Academics are like any other salesman. "buy my stuff. The whole world revolves around it".
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