美国的大学泡沫终将破裂

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Richard Vedder and Christopher Denhart, 美国的大学泡沫终将破裂. 华尔街日报中文版, Jan 9, 2014
cn.wsj.com/gb/20140109/opn150451.asp

, which is translated from

Richard Vedder and Christopher Denhart, How the College Bubble Will Pop; In 1970, less than 1% of taxi drivers had college degrees. Four decades later, more than 15% do. Wall Street Journal, Jan 9, 2014 (opinion).
online.wsj.com/news/articles/SB10001424052702303933104579302951214561682

Quote:

"This phenomenon [a college degree's declining value, meaning 'the college graduate's earning potential--and on  this score, their advantage over high-school graduates is deteriorating. Since 2006, the gap between what the median college graduate earned compared with the median high-school graduate has narrowed" by 5% for men and worse (7%) for women; lousy economy] leads to underemployment. A study I [Richard Vedder] conducted with my colleague Jonathan Robe, the 2013 Center for College Affordability and Productivity report, found explosive growth in the number of college graduates taking relatively unskilled jobs. We now have more college graduates working in retail than soldiers in the US Army, and more janitors with bachelor's degrees than chemists. In 1970, less than 1% of taxi drivers had college degrees. Four decades later, more than 15% do.

In US college degrees are cheapened because: "In 1970, when 11% of adult Americans had bachelor's degrees or more, degree holders were viewed as the nation's best and brightest. Today, with over 30% with degrees, a significant portion of college graduates are similar to the average American—not demonstrably smarter or more disciplined. Declining academic standards and grade inflation [add to the woes for college graduates.] There are exceptions. Applications to top universities are booming, as employers recognize these graduates will become our society's future innovators and leaders. The earnings differential between bachelor's and master's degree holders has grown in recent years, as those holding graduate degrees are perceived to be sharper and more responsible.

My comment:
(a) There is no nee to read the rest, which we can all guess what they are.
(b) The title says "Will Pop" "终将破裂." It is the future tense; since time immemorial many have predicted the same, which has not materialized.