The College Backlash Is a Mirage

"If you were to judge by public-opinion polling, you might reasonably conclude that Americans have broadly given up on the idea of going to college. In 2013, 70 percent of adults surveyed by Pew said that a college education was "very important." This year, only 35 percent did. Over the same time period, the share of Americans who believe that college is "not worth the cost" rose from 40 to 63 percent, according to NBC."

"Despite the reported skepticism of higher education, enrollment in four-year colleges and universities is growing. These institutions awarded 2 million bachelor's degrees in 2023, compared with 1.6 million in 2010, and the fraction of 25-year-olds with a bachelor's degree has steadily increased for the past 15 years. Even as Americans tell pollsters that college isn't worth it, their behavior suggests that they still recognize the value of a degree for themselves and their children. And they're correct to do so."

"The college wage premium-the difference in earnings between people with only a high-school diploma and people with a four-year college degree-surged in the 1980s and '90s and has remained close to those historic highs for the past two decades. One recent analysis found that the average person with a bachelor's degree earns about 70 percent more than a high-school graduate with a similar amount of work experience."

Public-opinion polling shows a sharp decline in perceived importance of college, with those saying college is 'very important' falling from 70 percent in 2013 to 35 percent recently, and those saying college is 'not worth the cost' rising from 40 to 63 percent. Enrollment in four-year colleges and universities is growing, with 2 million bachelor's degrees awarded in 2023 compared with 1.6 million in 2010, and the share of 25-year-olds with a bachelor's degree increasing over 15 years. The college wage premium remains near historic highs, with bachelor's holders earning about 70 percent more than similar high-school graduates, and projections place the premium at 76 percent in 2042. A degree often enables more lucrative long-term career advancement despite early post-graduation struggles.

Read at The Atlantic