heritance, remember you can't take it with you. do you have a strange inheritance story you'd like to cher with share with us. send me an e-mail or go to our website. cavuto coast to coast. >> what do you need to know about college? >> dear richard best friend. >> that is the duty you can major in game boy. >> students pay a fortune. the fastest-growing form of consumer debt paying for things like this. >> ed bass, a climbing tower >> and they want to give more of your money. >> is the economic imperative. >> one and actor.

>> there are better ways for students to spend their money. >> starting at $17 an hour making more than most of my friends have a gimmick that is our show. tonight. john: it is graduation time. almost 2 million students will graduate this year and then i don't know because maybe they will discover their degree of social work will get them job offers. it is about learning that is important even if not a specific job but hillary clinton promises. >> graduation from four year colleges earn twice as much as high-school graduates an estimated $1 million more

over a lifetime stomachs that sounds great but it is deceitful because there is no evidence college creates a difference. kids that go to college are different in the first place were likely to have been raised by two parents, work harder in high-school they would make more anyway. they are encouraging everyone to go to college. >> there is no greater investment. >> with a free ride to college starbucks is doubling the college tuition offer for its employee. >> obama once taxpayers to pay more soap community college is tuition free. bernie sanders wants to make for your college free.

that just means the taxpayers pay for it. and they should happily wrote the author my public education should be free. author of the education apocalypses it is not a good idea. why not? why apocalypse? >> as the cost go higher and higher and people's earnings when they graduate to keep up with the increase of cost >> one reason is government subsidies. >> people will tend to raise the price. >> but yet you want more that it should be free for everyone? >> actually my proposal is to force universities and colleges to spend money on education to make sure that the current money of

financial aid. >> but they will always have government be more effective >> we cannot just say all government is bad or it will not work we have to make a better to have partnerships between u.s. schools and states because what happens now they're cutting funding for education and universities are raising tuition and taking a lois to pay for it. >> they were when they got more money from the government. you want to micromanage the schools? that will make them better? >> seeing the amenities will you cut that out? >> to have construction will

specific current system is so bad but it almost sounds good. and we have a system of education now that means somebody else pays one. but cater to all the education we have that now the government pays in the students don't a lot of the federal and state mandates it is failing also. >> we have higher education now it is a free market system where they give vouchers to take them to make wise decisions and they go to for-profit colleges with low graduation rates high rates. john: doesn't the free market work better? >> there is good free market and could carry in bad of both.

one and they're not attaching any strings. >> is and so much a free market but what is called crapitalism. students are as careful as they should be because it is not free. web the haven't felt that they add as much at stake as they should have won. >> look at this graph. medical care that people screamed about is up to run under 96% but college tuition in is a 553%. >> what do want to spend more of?

and they charge whatever they want so if you just want the free market by itself. >> darr getting tons of government money in their hiring more people not teachers. cornell and administrators of sustainability indeed manager, a climate action plan manager. >> the more they talk about sustainable less sustainable their model is. but over the last 47 years the teaching faculty has been flat. that is the major cause of increased costs then they say we need administrators

from federal regulations. the student life and administrators that embarrasses the whole education. >> the president's make a fortune they paid in additional retirement package agreed million dollars at harvard. >> we see that isn't working. only those under low income students are not working. and those people graduating are not working. to control the cost to use that voucher system to make that requirement and that instruction is a priority.

because of the country club that is one of the lowest priorities. for those not to compete with each other like country clubs to put the money to focus the attention on education. >> this is a sign of a failed industry. 20 years ago nobody would have argued to force them to do their job. now we force them to teach people famous. but the diagnosis is terrific. and it has been the major

source of the problem. >> now it is a huge and the want to make it bigger. >> to be any more effective way to maybe reduce the amount we are spending in a more targeted way. john: we have heard that before targeted. the soviet union will run well next year with a five-year plan. >> not learning from obvious history. >> but it is a party scheme with social security. >> was a likely presidential candidate dropping now to take the job at the red cross guardian suggested he is not educated enough to be president. >> the issue is how well

educated is he? >> are you serious? >> we value college for those who pursue the career of you don't have to have that to be successful. >> i agree many are not in getting jobs. we don't have enough good jobs. while we try to fix a higher education system we have to do whatever we can. to approve a the situation. for those that are often buying homes or cars cannot do that. but how can we do multiple

things just partnerships to have the apprenticeships model community colleges to do internships. it worked very well in germany and at the university restarted internships with my program people were getting jobs and training and starting their own companies. john: you got a psychology degree that the army paid for in france but yet you to use that psychology degree you're a writer and teacher for our look at the list of the most prestigious universities harvard gets 100. the first german university is down the list number 67 it the worst problem we have is "u.s. news and world report" does not rank them on the quality of the education or teaching.

>> it is the reputation. >> is the same situation it'll look at the students' learning or what they are learning. >> clearly? >> yes. often it is worse in past to do just with the reputation factor. >> if anybody are watching us now changed the ranking methodology those with the fewest administrators per student than immediately they will get lean because they care more about the rankings and anything else. john: thank you. to join the argument like my facebook page and post on my wall or follow me on twitter. #class of 2015. this is the month when famous people give commencement speeches.

some are self-serving. >> the first time i was on a magazine cover. >> others are filled with surprising insights. >> life is not fair and never was. >> note the good and

john: this is the time of year when students never i mean get to listen to commencement speeches from famous people. sometimes they are inspiring >> your time is limited so don't waste it running someone else's life. john: i was given by steve jobs viewed more than 30 million times. to make she wondered about this year. credits her told thank your parents. >> don't forget your parents who got you to this day have sacrificed so many things, primarily money. [laughter] john: what do they get? robert janeiro gave a speech to a high-priced school of the arts and said you are

following your passions reaching for destiny spirit dancer singer choreographer position director producer filmmaker actor an artist. [laughter] he was making a good point about the employment prospects. talk about the plot the - - the platitudes with the worst commencement speech goes to my president who spoke at the coast guard academy a military academy. what should they worry about? not terrorism smuggling in bombs. >> perhaps more than any other that would shake your career is the urgent need to combat and adapt to climate change. john: climate change? that is ridiculous even if

he does believe it is a problem you cannot think it will shape their lives more than any other challenge as he said. what about the fact america is going broke? what about isis? global warming is low at least former president bush gave the students something to laugh about. >> those of you who are graduating this afternoon with i artery -- honors and awards well done. as a told the students you also can be president. [laughter] >> many presidents got those college like kennedy and johnson and the first president bush. si -- the c students have

better communications skills. one study says a student's work for the c students. i saw as beecher someone who portrayed herself as a victim she was unhappy because she was criticized. >> conversations sometimes route into fears and misperceptions of brothers. was i too loud or too angry or to emasculated? [applause] or was i too soft? too much of a mom? not enough of a career woman? then the first time i was on a magazine cover. it was a cartoon drawing of me with dacia and afro and a machine gun. it was satire but if i really being honest that set me back a bit.

john: so what? you are the first lady of the most powerful nation in earth and you have a good life. wire you a victim? that is why i was happy to hear a speech mocking people of those that complain life is not fair. >> life is not there never was and is sent and never will be. >> mackie mcconnell a university of texas and told the students stop acting like victims. >> do not fall into the trap the entitlement trap to feel like you are a victim. you are not. john: and get him to talk to michelle obama. many are self-serving. it makes the world a better place. arnie duncan aspires to make a difference. please. i will give the commencement speech that students should

hear later. this is a college your taxes and tuition money are busy at wpromise was made.

a promise that hit the beaches of normandy. a covenant that split the skies over berlin. a vow that captured iwo jima. a promise was made. a solemn oath that liberated seoul. a sacred trust that defended khe sanh. a pact that dug in in da nang.

a contract that weathered tet. a promise was made. a pledge that stormed the desert in iraq. a bond that patrolled door-to-door in fallujah. an iou that braved ieds in kandahar. a promise was made. to america's veterans. a promise we all must keep. dav fights for all veterans and their families so they get the health care, financial benefits and support they earned. if youu'e a veteran who needs help, or you'd like to help us keep the promise visit dav.org.

♪ john: when i graduated from princeton tuition was less than $4,000 year. okay. there has been inflation since then, but now a year and princeton cost more than $50,000. i don't have any idea what they do with the money. they stop calling me to ask for donations. there are millions a better causes than giving rich colleges more money. as one of as one of my guests mentioned one reason tuition prices went up so much is because of handouts from government. when government increases financial aid colleges spend more money.

even our freespending president said he understood the problem. >> students and taxpayers can't just keep on subsidizing skyrocketing tuition. we're going to run out of money. john: right. yet that same year the president also said this. >> my administration is increasing federal student aid some more students can afford college. [applause] john: what? doesn't he see the disconnect? i think he does, but he still panders for votes by giving your money away. it's not his money. and then his handouts increase tuition costs so lots of students leave college deep in debt. another reason another reason to wonder, today is college worth it? that is the title of the book. i would think it is worth it for some people who really want to learn. >> exactly. for some people it can be worth it.

that's what we say in the book. john: and lots of people don't have that. most i would say. >> many. i would say many. the graduation rates are pretty low to lie about 50% graduate within six years. if you consider we have a lot of taxpayers supporting people who never finish's i think americans have a right to be disappointed. john: the president wants to make committee college free two years. something like 20% 20 percent of the graduates graduate within three years. a lot of them try to feel bad about themselves. >> the hallmark of a lot of liberal programs. the intentions are right but if you look at the numbers it just doesn't add up. john: another reason they have added luxuries. the university of missouri at that school officials might be embarrassed's. no. they were proud.

>> the 1st thing you are struck by all of the trappings of a jungle retreat's. you find yourself in a jungle gym complete with the torches to welcome you's. not to be outdone. a spinning studio. >> pretty much every parent is like i want to be back in school. it's completely awesome. >> students come to us and say this is what seals the deal. recreation. john: we are paying for that >> schools are in an arms race. they want to they want to show off so that the students back there parents to come to the school often bankrupting the parents and themselves in the process. john: and the taxpayer. it seems to work. high point university spend

big bucks for an on-campus steakhouse for a train that a train that takes you around campus, putting green, outdoor hot tubs. >> they have been successful in attracting students who can pay the full ticket price. enrollment of 50 percent. >> if you look at what kids are learning the kind of jobs there getting after they graduate is high point that distinguished? i don't think so. john: just looking at it it's almost remarkable, texas tech spent more than $8 million on a water park. the lazy river waterslide. you're looking at it here. >> colleges. >> colleges in a lot of ways have become one lazy river overall: december the kind of a lot of academic work. in 1961 students spent a combined 40 hours a week in school and out of school's.

we're down school's. we're down the 27 hours a week. it is being replaced by leisure pursuits. john: a lot of the academic work seems to be really minute. nobody reads. >> that's right. 21,000 scholarly articles have been published the last 30 years or so. it is highly specialized highly idiosyncratic things like courses on ufos. it's so on and so forth. >> skidmore, the sociology of miley cyrus. politicizing beyoncé. >> beyoncé jay-z fascinating character studies. personally wish you back to homer shakespeare dickens. john: i would argue are not so sure that anyone knows that is what every student must learn. another reason i wonder about the value of college as the students are allowed to specialized in obscure useless things. this movie is a comedy. but an increasingly accurate one. it's.

>> trying to prove the theory. twenty-four hours a day you can find a movie playing on tv. that's the beauty of god. you can major you can major in game boy if you know a bull ship. >> you really. a lot of students not learning much. look at look at american business more they say about the quality of the graduates it's just it's just not there. john: thank you very much. coming up alternatives to college.ú.úññññññoññ

♪ 's. john: many employers now tell job applicants, you have applicants, you have to have a college degree. our political leaders say everyone should go to college. >> it is an economic imperative that every family

in america to be able to afford. john: but they can't afford it. college is not an economic imperative for everyone. i often tell young people not to go to college. it is a ripoff. sandra smith interviewed young people who went to vocational schools. >> just graduated from high school. already waiting for him in the fall a job. >> starting at $17 an hour. experience prevails over book smarts. smarts. i'm only 16 and am already getting paid more than most of my friends. john: earning more. 's for some people with a brave new idea college majors get in the way. mark zucker berg, bill gates, steve jobs, they all dropped out of college. so did founder of whole foods. ralph laurent richard branson of virgin air and other companies. of course most of us don't

have totally original ideas but that doesn't mean we need a college degree. you don't need one to do computer programming. that is a job that pays well if you get good at it. for people who want to learn programming boot camp so sprung up. this one says anyone can become a designer in ten weeks. economist michael rosenbaum analyze thousands of programmers resumes' and found no correlation between having a college degree and being a good software engineer no correlation. but when he then shared his results were tech companies some still insisted on all the hiring people with degrees. only if you have the diploma the graduation certificate are you likely to be a productive employee. that bias led rosenbaum to start his own company which hires programmers who don't have degrees. paypal founder was so

annoyed by the obsession with college's the four years ago he started giving a hundred thousand dollars per year to students if they would drop out or skip college and start their own businesses. students like these you have knew ideas. >> to cure aging. >> make solar energy cheaper than coal. john: so far they have not accomplished those things but maybe they will. madison maxey is one of those hundred thousand dollars recipients. she joins us from san francisco. he spent a semester at at parsons one of the top design schools in the world. you quit before you got the grant money. why? 's college for like a waste? >> hi, there. i went for about a semester.

it wasn't necessarily that i thought it was a waste. i just felt as though college was trying to push me down a very specific path. you're not supposed to get an internship's and tell your and your junior or senior year but i had i had interviews and a lot of different companies that i wanted to go internet. the argument with my teacher about leaving so i can interview and get real-world experience. and so i wanted to see what i could do on my own before i set the classroom. so continue on this path. john: you also told us there is false advertising. colleges imply that you can learn to be a philosopher's. >> i do feel that there is quite a bit of false advertising happening for college. you have to have curiosity to learn anything new. college can teach you curiosity. people do this in high school. you learn something so you can regurgitated. that's really that's really

interesting, but when your actually in an environment where your doing research and creating new innovative products you have to care about what you're learning's. i don't think that happens in college. happens when you have real things at stake's making an impact on the citizens you see around you. john: that was my experience i went to work after college thinking i would go to grad school and by working our learn to appreciate school more but the opposite was true. and now you have your own business making wearable tech. >> yeah. i started out in the fashion industry. i started working's and realized how it's happening in the tech space in terms of innovation iteration,

open-mindedness. unfortunately those things are not quite as conducive. however, this emerging industry of wearable technology second-generation wearable technology. john: meaning clothing tha will change colors based on sunlight things like that. >> yeah. looking at it from a a chemical structural and also electronic.of view's we did a campaign for garments that respond the sunlight. john: i have to stop you. you. i'm sorry. we're out of time. thank you for sharing these ideas. coming up from our new game show. can you answer this question one that fifth-graders are expected to no? going on,

john: what courses should students be required to take? the classics say some columbia professors, scholars. learning the classics as a formative experience that extends beyond the classroom but a. but a writer at forbes magazine argues we should teach kids how to code. the new york times column says teach personality. the article says it could be

more important than intelligence. others say teach the constitution, the bible 's. i say they ought to chill out because no one is wise enough to know the right thing. all all students must learn. what will they retain anyway? it reminds me of the tv program. i seldom knew the answers. does that mean that fifth-graders are more educated? let's test some brand-new college graduates. just got a degree from penn state. from columbia university. from brown university. attending extensive top-level colleges. they answer questions that are part of today's fifth-grade curriculum. well we will see. which word is a homophone to the word name. my hormone mean or main. answering they all get it correct.

a homophone is a word that sounds like another that means something different to read so far so good. next the greater the frequency of the sound wave the lower the pitch hire the pitch, softer the sound or louder the sound? again all right. correct answer b greater frequency. next what affects the flow of rivers in the united states? the continental divide's the continental shelf, the united states river flow river flows of north america i'm not even sure i understand some of those choices. all right. a, b, c. the correct answer. continental divide. west of the rockies all the

water flows to the pacific. east a ghost of the atlantic or golf which ends up in the atlantic. next question which awarded francis scott key right the star-spangled banner? 's revolutionary war civil war were of 1812 or world war i? time is up. you have to pick one. to seize and in a. you got them correct. we have tied the score now. a lot of people assume it is the revolutionary war's. it was actually the war of 1812 which was fought against -- i couldn't remember i couldn't remember this either. the british burned down the white house. we should know that. last question, the 19th amendment to the constitution provided for

the american right to keep and bear arms the income tax, gave women the right to vote repeal alcohol prohibition. okay. he got four out of five right. you each tied. you get a degree. the stossel university. but all those questions are things fifth-graders are supposed to know. i did this segment because i wonder are they important? does it matter which constitutional amendment gave women the vote? to americans need to know what homophone means? graduates at your schools did you learn things that are going to help you do better in real life do you feel? 's. >> yes. to be independent, to be on my own.

i would not be where i am now off i didn't go to school i think. internships and all that. i wouldn't trade it. >> laura. >> at columbia they have a core curriculum where you have to take masterpieces in western literature and history of music and history of art and history of philosophy. i personally don't think i'm ever going to apply these things in my life. john: are you a more well-rounded person? >> it taught me how to think critically and interact with professors and students and taught me how to interact and survive in a competitive academic atmosphere because you get the same variation outside. john: the curriculum. >> i think each class gave me a critical incidents or whatever each discipline. john: can's. john: can you balance a checkbook or open a retirement account? >> i think college also taught me what i don't know. >> it would be nice to learn that stuff in college.

john: thank you. my.in doing this segment is that no one knows exactly what is right to teach. it's important we have decentralized school systems it's next what those famous commencement speakers should

♪

john: this graduation season this is what more commencement speakers should say's. congratulations suckers. your congratulations, suckers. your parents just paid a fortune for something many of you will barely use. okay. some of you really wanted to learn studied hard. college major wiser person. most of you i don't think so ._how to do cake stands. you made friends. did you made friends. did you need to go deep into debt to do that? no. so now we celebrate commencement. why do we call it that? commencement means beginning maybe we call it commencement because your financial troubles of just begun. it reminds me of this greeting card. may may your college memories last as long as your loan payments. but you had to go to college because employers demand that you have a college degree.

sadly many do which is dumb because many jobs don't need it. the world is now filled with phony college degrees. last week my assistant said $170 to this website. this week she received his bachelor of lot agree complete with sealant watermark and the latin motto. it means let them light of the up the world which is actually the model of amherst college which is real best i can tell. harris university? this degree was mailed from japan, but the address of the school is this warehouse of florida. a pakistani company makes millions selling similar fakes degrees from lots of schools with familiar sounding names like bartlett column b anna and mount lincoln. the new york times report explains's any employer checking out the schools on

the internet will see hundreds of schools was smiling professors on american campuses. in reality the professors are paid actors and the universities exist only as photos on computers. but the phony degrees worked gal says hundreds of federal workers that their jobs by showing phony degrees and most are never caught. one man bought a degree in nuclear engineering and get a job in a job in the control room of the nuclear plan. he has since retired. now he is a state senator in new hampshire. i say this i say this just to remind you graduates that your degree may be about as valuable as this phony degree which costs a lot less. college can be fun, and i am sure you will learn some things. unless you studied physics or engineering considering your degree something you must have or ticket to career is a mistake. and that is probably why college is no longer invite me to be there commencement speaker.

that is our show. see you next next week for a knew episode in our new timeslot one hour earlierlineup. it's the best. >> see you on monday. . gerri: hello, everybody. i'm gerri willis. welcome to the final edition of "the willis report." for five years we've given you the best in financial advice tips, information, and tonight our best advice ever. for that we're bringing in some of our favorite guests president of the american action forum greg mcbride, the chief financial analyst for bankrate.com, and larry winget. and we have a personal finance expert. we're going to start with the big picture the economy, doug to you, news today, gdp didn't grow in the first quarter, it fell. the economy shrunk by 7/10 percent, how a