Comments by "Nicholas Conder" (@nicholasconder4703) on "The Dangerous Appeal of Hitler’s AI-Translated Speeches" video.
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I hate to disagree with you TIK, but your example with the dominoes was completely erroneous. Minimum Wage is NOT, I repeat NOT, responsible for University students being unable to find jobs.
The real reason is that there is a glut of university educated people in the market. So, according to the rules of supply and demand, if there is an over-supply of a commodity in your warehouse, you don't buy that commodity because you have nowhere to put it. Since we are looking at the NUMBER of job openings in the market, the graduates don't get employed. Simple as that. Wages have NOTHING to do with it. Rather like filling a crate with bricks to capacity. Doesn't matter what you do, you cannot put more in the crate until a gap appears, or a new crate is built.
This whole business started back in the 1940s, and I agree that government is in part to blame, but so are the Universities. The issue is that at the start of the Cold War, the collective West realized that research and technology were going to be what would win the next war. So they started supporting the Universities in a major way to get more scientists and technicians for the military-industrial complex. The Universities made sure that they could teach all the new students, but then the Deans realized they were onto something, so they expanded the Universities. One need only look at the explosion of Universities and Colleges after WW2 to see this. However, the Deans also realized that they needed to make Universities even more attractive so they could gain more revenue, so they started creating degree programs like "Creative Writing" and "Business Administration" and "Librarian training" (yes, stupid as it seems, you need a Librarian degree to work in a Library or some bookstores nowadays). Simultaneously, there was a push in high schools to promote University as a place where you needed to go to get high-end employment. This was helped by businesses who started hiring people based on them having a University education (usually MBAs) rather than having the actual knowledge and expertise to do the job. By the 1960s the bitter fruits from this approach began to ripen and infect the modern economy. I have seen the results of this in action firsthand, by the way. So, Universities kept multiplying in number, expanding and graduating students irrespective of demand, to the point that by the late 1970s many jobs that really required University degrees were taken.
What has happened is that we now have University factories churning out graduates, and at some point, like a jogger on a motorized treadmill. The Universities expand, so they need to attract more students to pay for the new facilities, and they create new degree programs. They then expand again, wash, rinse, repeat. I suspect this education bubble will burst when the population of students who can enter University declines below a certain threshold. At that point the Universities will find themselves having to cut back, use the buildings on campus for other activities, or fold. Again because of the law of supply and demand, but this time because there will be a lack of new students.
I would also add that during this process Trade Schools and apprentice programs for the trades (carpentry, electrician, plumbing, etc.) were either underfunded or muscled aside. This has lead to the issue of many western economies having too many University graduates, who cannot find jobs, and a lack of tradesmen to work in construction. Employers are currently screaming for tradesmen.
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