https://www.tabletmag.com/sections/news/articles/reskilling-america
Should fewer Americans go to college? In 2022, 37.6% of adults without a disability had at least a bachelor’s degree. In 1990 only 20% of the older-than-25 population had a bachelor’s degree, and in 1970 the share was 11%. And yet according to the Strada Institute for the Future of Work, a decade after graduation with four-year degrees 45% of Americans work in jobs that do not require college diplomas. These unfortunate young Americans have wasted four years of their lives and tuition money, and in some cases have incurred sizable student loan debt, in exchange for coursework that is essentially worthless.
What explains the large-scale miscredentialing of the American workforce? The endless greed of tuition-hungry universities is one factor. But the main cause is the insistence of many American employers, including federal, state, and local government, that new hires have college diplomas—even for jobs that are currently filled by workers without four-year degrees.
Like other forms of inflation, degree inflation reduces the inflated unit of currency. Today a worker earning between $40,000 and $60,000 in inflation-adjusted 2022 dollars is as likely to have a bachelor’s degree as a worker in 2006 who earned between $60,000 and $80,000, when there were fewer college graduates as a share of the workforce. According to the Foundation for Research on Equal Opportunity (FREOPP): “Between 1990 and 2021, all occupational categories except one—teachers and librarians—experienced degree inflation, meaning the proportion of prime-age workers with a bachelor’s degree increased.”
There is no reason to believe that receptionists and bank tellers with B.A.s in popular majors like communications or business, to say nothing of gender studies, are more productive and skilled than their non-college-educated predecessors who had high school educations plus on-the-job training.