This is what happens when everyone goes to college and want the same jobs:
Last year, 71 percent of high-school graduates went on university, but only 59.3 percent of university and college graduates were able to find jobs. The number of unemployed people between 15 to 29 years of age has surpassed 400,000.
Now young jobless people often cause a headache for their parents who still have to support them.
Yet young graduates continue to insist on jobs with major conglomerates in Seoul, which are not only growing scarce but extremely competitive, while small businesses have a tough time finding people to work for them.
A study by the Ministry of Employment and Labor shows that there will be a shortage of high-school graduates to the tune of 320,000 by 2020 and more than 500,000 excess university graduates.
Unless university graduates lower their sights and seek a wider range of job options, the day may come when a degree becomes utterly useless. (Chosun Ilbo)
You can read more at the link, but I think it is arguable that college degrees with a few exceptions in both the U.S. and Korea have been devalued to where they are becoming glorified high school diplomas.
