No, Most People Don’t Need to Go to College

The American Thinker reports:

Degrees-for-all might sound like a noble goal, but it makes about as much economic sense as a two-dollar diamond ring. If you increase the supply of something, ceteris paribus, its value goes down. It’s similar to the effect of economist Murray Rothbard’s “Angel Gabriel model,” wherein an angel of the Lord descends upon earth and stuffs everyone’s wallet with 20% more cash. Does that mean we all become 20% richer? Of course not. Producers and suppliers adjust, prices rise, and things go back to normal.

The same applies to college degrees, and universal education in general. Everyone having a high school diploma lessons the value of the diploma. Everyone having a college degree lessens the value of a degree. And everyone having a PhD means that society is forever damned to listening to NPR on repeat and reading white papers for fiction.

An article well worth your time.