Interviewing various bouncers, bartenders, pedicab drivers and other low-skilled workers along Bourbon St. in New Orleans, Peter found almost everyone had an expensive college degree. And not meaningless ones, either. He found people with advanced degrees in neuroscience, robotics, radiology, and mechanical engineering, to name but a few. One woman who works as a sign holder said she "lucked out" by owing only $25,000 in student loans!
"President Obama promotes the myth that everyone must go to college," says Peter. "That if you don't go, your life will be ruined - that you will end up waiting tables, or trapped in some other mundane occupation. The truth is, even with a college degree, you may still end up waiting tables, you'll just begin your 'career' four or five years later, tens of thousands of dollars in debt."
Peter Schiff, CEO of Euro Pacific Capital and radio host of The Peter Schiff Show, is the author of The Real Crash: America's Coming Bankruptcy.