The Declining Value of Your College Degree

Looks like the Wall Street Journal is now recognizing that a college degree is eroding in value for investment in terms of income.

For decades, the typical college graduate's wage rose well above inflation. But no longer. In the economic expansion that began in 2001 and now appears to be ending, the inflation-adjusted wages of the majority of U.S. workers didn't grow, even among those who went to college. The government's statistical snapshots show the typical weekly salary of a worker with a bachelor's degree, adjusted for inflation, didn't rise last year from 2006 and was 1.7% below the 2001 level

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this is all part of Greedspan's design.

He advocated flooding the market with educated workers. He framed it as a way to decrease disparity of wealth.

But what it does do is pull down upper middle and middle class wages and does nothing to decrease disparity of wealth in the stratosphere.

This is one of the major fallacies of supply side free marketeer thought - that somehow increasing the pool of skilled and educated labor magically creates demand for them.

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caught on tape

In the Alan Greenspan Recommends Wiping out the Middle Class, there is a video where he says that right on tape.

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