Euro Pacific Asset Management Chief Economist Peter Schiff is siding with President Donald Trump when it comes to higher education: college just isn't worth it for most people.
In a recent post on X, Schiff said, “Trump is right about colleges being a waste of money for most people. Trade schools make a lot more sense for high school grads who are not really academically inclined. Better yet, abolish the minimum wage so kids can get on-the-job training as apprentices for skilled craftsmen.”
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End The Minimum Wage?
Schiff's post sparked debate not just for agreeing with Trump, but for going a step further by calling for the elimination of the minimum wage.
His argument is that the barrier keeps young people from getting hands-on work experience under the guidance of experienced tradespeople. Instead of spending tens of thousands on a degree they may not use, Schiff believes teenagers could be earning while learning useful skills on job sites, in workshops or in vocational programs.
This isn't the first time Schiff has criticized the traditional education system. He has long argued that college degrees have been oversold as the only path to success while crowding out more practical, hands-on careers.
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Gen Z Is Starting To Agree
Schiff's take lines up with new data showing younger generations are becoming increasingly skeptical of college. According to a March survey by Indeed and The Harris Poll, 51% of Gen Z workers with a degree said it wasn't worth the money. Only 20% of Baby Boomers felt the same. Rising tuition, student debt, and a flattening college wage premium have all contributed to this shift in thinking.
The financial burden is real: 52% of survey respondents said they graduated with student debt. Millennials had it even worse, with 58% still carrying loans. Nearly four in 10 respondents said their debt hurt their careers more than their degree helped.
Even more telling, 68% of Gen Z grads believe they could do their current jobs without having gone to college. That's compared to 64% of Millennials and just 49% of Boomers. Meanwhile, employers are responding too. A 2024 report showed that over half of job listings on Indeed no longer ask for a college degree.
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Mike Rowe: Trade Schools Need A PR Boost
Mike Rowe, host of the TV show “Dirty Jobs” and head of the Mike Rowe Works Foundation, has been making this case for years. Speaking to Fox Business last week, Rowe said, “It is early for a victory lap, but as you know, I have been beating this drum for 16 years.”
He supports Trump's push to defund elite universities and redirect those funds into trade programs. “If I had to choose between should Harvard get $3 billion or trade schools in that world—trade schools,” Rowe said. But he also added that not all trade schools are equal, and they should be evaluated just like universities.
Rowe warned that the stakes are high. He said he recently got a call from the maritime industrial base looking to hire 140,000 tradespeople over the next decade. The energy sector is also booming, with massive demand for workers to build data centers and support the country's digital infrastructure.
His message to graduates? “If you have a skill that’s in demand and you're hungry, if you are willing to get up early, stay late and go to where the work is… you are going to crush it.”
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