Too Many Lawyers: Law schools are manufacturing more lawyers than America needs, and law students aren't happy about it.

Slate reports:

Another point is that prospective law students usually look at average pay at graduation. But the average hides substantial inequality: There are the jobs at white-shoe firms that pay about $160,000 per year to recent graduates, and then there are the rest of jobs, which generally pay between $45,000 and $60,000. Almost no salaries are near the median or the average. They are clustered at the bottom, with fewer high earners, many of whom come from a handful of super-elite law schools, up at the top. That means that most students do not meet the break-even salary—the starting salary that would make law school tuition a good investment, estimated at around $65,000.

Students simply "cannot earn enough income after graduation to support the debt they incur," wrote Richard Matasar, the dean of New York Law School, in 2005. "Even those making the highest salaries find that the debt that they have accumulated while in school may tax them for years."

Yet, Barack Obama thinks the federal government should encourage and subsidize more people to go to law school.