Is it useful to have a college degree?

(written by lawrence krubner, however indented passages are often quotes). You can contact lawrence at:

In the USA, since the mid 1970s, a college degree has offered an increasingly important economic benefit. Partly this is because working class wages have declined. The median male wage has declined since 1973, but not for those who have a college degree. A college degree protects a person from economic hazard.

At least, that is how things worked till 2008. But since then? Consider this chart:

It’s possible that it is still useful to have a college degree in the USA, but clearly, the idea that a college degree can protect a person from economic hazard is no longer true. The USA has passed through some kind of inflection point.