My good friend is opening up a restaurant in a few weeks. He put an add on craigslist for "waiter" positions and had 250 people show up for interviews. He was overwhelmed by the amount of people that showed up. While collecting resumes he noticed that one of the applicants was a 2010 Columbia University econ major. My friend called me soon after to let me know. Sadly, the Columbia alumni was not called for the second round of interviews.
For those that don't know, Columbia University is an Ivy League school, one of the best out there. It's pretty pathetic when a econ grad from last year has to apply to a $10 per hour position where his peers will be either high school drop outs or community college superheroes. Now I commend this person for doing what he can to earn some money. At the end of the day, work is work. However, the dismal state for college graduates is an indictment of not only how poor the US economy has become, but also how diluted the value of a college degree is in this environment.
Columbia University is mighty expensive. Tuition for 2010-2011 is $41k per year. Throw in fees, books, room and board and the estimated cost for 9 months is $56k.
God forbid these poor bastards take out loans to go to this Ivy League institution. Bottom line is $200,000 for a 4 year degree, even from Columbia, frankly is just not worth it. I hope the waiter guy has some luck getting a job soon.