Why is a college degree diminishing in its economic and social value?
Because so many people are going, nowadays. It's not special anymore, and unselected people are getting degrees today who could not have gotten near higher ed one generation ago. It's a consumer-oriented biz now, desperate for gullible consumers. From our IBD link this morning:
A recent example of this exaggerated view of the value of higher education is "The Undereducated American," a paper by Anthony Carnevale and Stephen Rose of the Georgetown Center on Education and the Workforce.
The authors argue that the United States needs to produce far more college graduates than it currently does.
Their evidence is that there is a significant wage "premium" for those who graduate from college — across all fields of work. They argue, in effect, that the high return on investment applies regardless of whether the graduate becomes a financier or a dishwasher.
But they fail to look at generational differences.
Recent data from the U.S. Census Bureau reveal that gains for recent college graduates have been declining for more than 10 years.