Even with student debt reaching $1 trillion, high school graduates are still seeking out traditional degrees in record numbers. According to the Bureau of Labor Statistics, 68 percent of the high school class of 2010 was enrolled in college by the following October (that’s 2.2 million wide-eyed freshmen). But in this troubled and radically changing economy, a college education may not be the first must-have step down the path to financial success.
PHOTO GALLERY: 9 Hot Blue Collar Jobs
Meet Joe Lamacchia, the owner of a successful landscaping, asphalt, and masonry business in Newton, Mass., and the author of Blue Collar and Proud of It. Even in a struggling economy, Lamacchia’s business has no want for work. Lamacchia, whose company was rated number one on Angie’s List in 2005 and whose Boston Magazine profile is full of rave reviews, speaks around the country at high schools, prisons, and vocational schools promoting the virtues of skilled labor.
“I don’t know how college became grade thirteen,” Lamacchia says, arguing that while a degree is a prerequisite for physicians, lawyers, and engineers, it’s not something everybody needs to get ahead. “I’m happy to have doctors, but we can’t all do that. We’re in a recession, and we can’t find machinists, factory workers, and welders.”
The statistics seem to support his case. Nearly one-third of college students drop out by the end of their first year — and there’s no refund if you don’t get that degree.
“Only a third of the workforce has a bachelor’s degree or higher education, with about 21 percent having no more than a bachelor’s degree,” says Lawrence Mishel, president of the Economic Policy Institute. “In the last 10 years, the inflation-adjusted wages of those with just a bachelor’s degree have not grown — each cohort of new graduates earns less than the previous one.” In 2010 the average student graduated with $25,000 in debt, and though the Obama administration has made strides in student loan reform, Congress is now pushing back. In October, House Republicans proposed a bill that would eliminate Pell grants for about a million students, making it even more difficult for many low-income students to afford college.
And that’s not all. With so many graduates seeking degrees, skilled laborers are in high demand. The Wall Street Journal profiled an Australian miner making more than $200,000 per year, and though the job is rare and involves extracting ore for 12-backbreaking-hours a day in remote parts of the world, the phenomenon of lucrative blue collar jobs is also taking place stateside. In North Dakota, due to an oil boom, truck drivers are making $80,000 a year and more. One trucker, featured on CNN Money, makes about $2,225 a week.
But for Lamacchia, it’s not just about the numbers — it’s the lifestyle. “You work hard all day, and you make an honest buck. You don’t have to go to the gym after work, because you’re exhausted,” he says. “If you want to build a million-dollar company, you can. In an office, it might be three to six months before a project bears fruit, but we build something everyday. It’s instant gratification.”
So what are all these financially and physically rewarding blue-collar jobs? Click here to see the list.