Spot on here except the last part. For many it is also a horrible long-term investment. A bad short-term investment can evolve into a bad long-term investment when one cannot make the loan payments and interest keeps accruing - the cute little kitten grows to be a ravenous lion. Thats what the scamblggers are railing against, the fact that many are putting themselves in a financial hole that they cannot recover from, and the law school/higher ed machine are enabling and encouraging it (and this guys article is part of that encouragment).
I am behind you 100% I don't think you should go to law school for the money. I don't think you should undertake any type of educational undertaking for the money, because no job can guarantee you a lot of money. Law school is also likely one of the worst short term investments, but a great long term investment.
Interesting quote from the Bureau of Labor and Statistics on the legal profession - note the artful use of the word "keen."
"Job prospects. Competition for job openings should continue to be keen because of the large number of students graduating from law school each year. Graduates with superior academic records from highly regarded law schools will have the best job opportunities
. Perhaps as a result of competition for attorney positions, lawyers are increasingly finding work in less traditional areas for which legal training is an asset, but not normally a requirement—for example, administrative, managerial, and business positions in banks, insurance firms, real estate companies, government agencies, and other organizations. Employment opportunities are expected to continue to arise in these organizations at a growing rate.
As in the past, some graduates may have to accept positions outside of their field of interest or for which they feel overqualified. Some recent law school graduates who have been unable to find permanent positions are turning to the growing number of temporary staffing firms that place attorneys in short-term jobs. This service allows companies to hire lawyers on an “as-needed” basis and permits beginning lawyers to develop practical skills."