The higher education bubble

Rod Dreher joins the Sports Guy and me in questioning the value of a university diploma:

Yesterday I was having lunch with a friend, who reflected on the fact that his plumber makes more money than he does, and has more job security, even though he holds two master’s degrees. It made me wonder: when is this higher education bubble going to pop? That is, when are enough people going to realize that investing in a college education is, for more and more people, a foolish proposition, because it’s going to get you deep in a ditch of debt that you cannot easily climb out of.

By the way, one of his commenters raised an interesting point about how the income studies favoring college graduates are between 25 and 30 years old. Considering the explosion of college attendees and the various academic nonsense that has occurred since then, it’s not unreasonable to suggest that the effects of this expansion of supply and reduction of provided value have not yet been reflected in the currently available data.