WolfOfTheSteps
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I think you guys are forgetting this is year 2007 where paper is important.
I think we are actually beginning to see a shift towards paper becoming less important. It's becoming more and more obvious that a college degree does not mean much in the US.
I am at an "elite" school and just the other day I came across a girl who is a junior and said she hasn't read an entire book during her entire college career. She's not the first person here that I've heard admit things like this, and brag about them, nontheless.
I think we are getting to the point where many employers would rather higher someone from a foreign country with only a high school degree than they would a born US citizen with a bachelors degree.
Of course there are exceptions. You obviously can't become something like a physicist or engineer (depending on what the engineering job requirement actually is) without a rigorous education.