December 28, 2012

HIGHER EDUCATION BUBBLE UPDATE: IT’S NOT JUST LEGAL EDUCATION. Job Meltdown and Debt Crisis Among Veterinary School Graduates. “From my position in the industry, in the economy in which we all work, the demand for veterinary services appears smaller than the supply of veterinarians. I routinely look at the financial statements of over 50 veterinary practices; equine, mixed and companion animal. Those financial statements demonstrate that practices do not generate enough profit to pay Veterinarians sufficiently to repay student loans under the repayment terms commonly available.”

Meanwhile, some data on how legal education is doing.

Related: Medical Schools Make Reforms While Law Schools Make Excuses.

UPDATE: Dr. Peter Grout writes:

Thanks for the post. Many of us have been trying to point out basic facts to our colleagues, but most ears are deaf. Sadly, our professional organization, the AVMA is politically correct and useless.

They accredit new schools, and fund new “diversity” chairs. Meanwhile, last week 17,000 veterinarians (about 1/4 of total!) were informed last week that AVMA’s health insurance program (through NY Life) will be dropping ALL of us at the end of 2013. Including dependents, about 36,000 people are losing their coverage. We will be forced onto the OCare exchanges. And the loss of our coverage is certainly not deemed newsworthy.

Senator Landrieu’s health care rep, Peter said we were losing our choice since others did not have the same choice. I guess it wasn’t “fair” that we have all worked hard to have this choice. And AVMA has done diddley to prevent this.

People only care about you if you can be characterized as a victim of something other than the federal government. . .

ANOTHER UPDATE: Jason Van Steenwyk writes: “Quick point of order on the Veterinarian’s email to you… NY Life is not in the health insurance business. That was some other company dropping them, or more likely, Association themselves. A NYLIC agent may also contract and sell other company’s health policies on the side, but NY Life had nothing to do with this.”

MORE: Dr. Grout responds: “I assure you, it was NY Life who is dropping us. They have underwritten AVMA-GHLIT for 20 years. I am on duty until Monday morning, but will be happy to fax or email a copy of the letter after that. Or, should you be interested, you can probably confirm at AVMA-GHLIT’s website. Also Peter at Sen. Landrieu’s office confirmed this. Perhaps Mr Van Steenwyk is correct in the fact that, due to OCare they are leaving the major medical business for groups.”

Beats me.