Entry level is still way higher than 12/hr. Which is what you make after going to CIA.
Assumes facts not in evidence.
Entry level @$12 is for the dilettantes that spent their time @school with their head stuffed in a bong or work in depressed markets. There's nothing wrong with a good party but lets keep it real. A lot of people (read...vast majority) go to culinary school as a defacto career choice because they think it will be easy and they have nothing better to do than spend mom's money. If you aren't starting out over $12 after graduating lets face it, your not exactly the cream of the crop. Simply because it's not statistically viable for the majority does not make school a poor choice.
I think we all know not just any one can walk into law or medical school, even with cash and great grades as there are only so many slots. Additionally we've blushed over the fact that you would spend another 100K+ getting a Bachelors before you even get to that point.
Clearly there are more financially viable career choices than the culinary arts but I'm still in strong favor of getting a degree for the right individual. Most who apply themselves and actually work in this field for more than a few years will be able to justify the cost of their degree.
The one really flawed argument I often see as a basis for not going to culinary school is the starting hourly wage of a line cook. This is not why you go to the CIA or any other college. Starting wages are a moot point. I've hired CIA grads that were worthless and I've seen others advance their careers exponentially faster than those who never went to school. What is hard to put a value on is the fact that with a degree you are often getting your foot in the door in advance of others. If corporate is looking for a Chef (not a line cook or plunger) and they have two resumes, both from applicants with equal years of experience, only one has a degree. Who do you think is getting the first interview? If the corporate Chef is an alumni of your school and the other applicant is not who do you think is getting the job?
Put a price on that, because ultimately that is what you are paying for.
The thing no one likes to say because it's so obtuse is that if you are the sort that has to resort to asking for career advice on the Internet from strangers then you as an individual should unequivocally not spend your $$$ on Culinary School. For this career choice to be viable you need to be the sort that flips both middle digits to to the statistics and you know exactly where you are going and how you are going to get there. A degree is tool that like any other tool has it's use. For some it's literally worthless and to others it's invaluable. There are no universal "best" answers.
No matter whom you opt to take advice from do yourself a favor and work in this industry for a year before you decide to go to school.
Best of luck with your decision either way.