While here at the Universe, we try to keep a Janus face looking forward and backward, we are often shocked by the lack of perspective that we see in current “innovations”. Case in point, when we saw the article in quoted in Wired, about how colleges are now taking bets on the future earnings of their students to leverage their college costs against their potential earnings. In short, investors—including wealthy alumni, a hedge fund, and the Purdue Research Foundation—would front her $50,000 to cover two years of college. In exchange, she’d owe them 14.8 percent of whatever income she earned in the eight years after she graduated. “Bravo for the return to indentured servitude” our illustrious Mr Christian, cried when he heard the news, nothing the 18th century form of slavery wherein someone would work for a number of years at little or no salary for an determined period of time. While under this new system, one would only forfeit a percentage of their wages, in this case, a pittance of 14.8 %,- a bargain at twice the price! Imagine, putting your college education on your credit card- yes you get an education but at what price? How do we decide what ones potential would be? Why not have an open bidding system with the students with the most perceived potential can receive the money we think they might deserve. A sort of educational future market. We can only hope this is the death rattle of a outmoded educational system that takes all and gives little. How else can we keep the university system propped up to teach skills that are no longer needed in the coming economy? Will we need to tie students to the masts to avoid this sirens song of financial ruin or will they have awakened enough to know that what the new frontier needs is those who dance to a music being sung anew.
It was late in the day as I finished my cup of coffee at the coffee shop near my house. I watched an employee- probably a high school student or older rolling up the mat at the front door. What was his job life going to be in this new technical age, this technological industrial revolution where more and more people are replaced by machines in the ongoing march of progress. I was reminded of a something George Orwell wrote- “If you want a vision of the future, imagine a boot stamping on a human face – forever. “ It would be pretty to think that this is only a fiction and that the truth will be much brighter, that the living wage would become the norm and the middle class wouldn’t be defined by lowest income can survive without government aid.
It would be pretty to think so.