Journalism school "after newspapers"

I went to see a panel earlier this month entitled "What Comes After Newspapers?" 

All in all, it was fantastic- you can see the entirety of it here or just read a fuller summary of it here

After an evening full of really interesting talk about the currently tumultuous state of journalism, the panel opened up for questions from the crowd. Most of those questions ended up concerning some really specific things about the field or about local SF news media. Fortunately, I was able to squeeze in to ask the last question of the night, and I made it really general (you can see the video of me here):

What would the members of the panel say to a young person deciding whether or not to go to journalism school?

Although Phil Bronstein weighed in by saying, essentially, "I'd tell him/her to go for it," I think two things about the room's response suggests that many other journalism professionals would advise otherwise.

One is that everyone *cracked up* when I asked the question, even though I wasn't at all trying to play it for laughs.

The second is Bronstein's off-hand comment in the middle of his spiel about how UC Berkeley journalism grad students are doing local reporting as part of a joint program with the SF Chronicle: "Now, if we'll be able to pay you if you're one of those [reporters]... we'll have to see."

Call me old-fashioned, but: If there's no guarantee that a paying position will be available at the end of it all, why would anyone invest the money to train or intern in a certain professional field?  It seems to me that the proponents for journalism school may have to start coming up with more convincing arguments, because I, for one, wouldn't buy it.
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