It's a special day. A historic day. The day when David Leonhardt's "Economic Scene" column in The New York Times starts with a close read of Kanye West's second CD and its ideas on economic mobility for college graduates. Take a bow, West.Leonhardt concludes that West's skepticism is wrong, and it's still worthwhile to get a college degree. In most cases, that's correct. But Leonhardt is painting too rosy a picture. As an economist told me a year or two back, "there's never been a worse time to be a college graduate. But there's never been a worse time not to be a college graduate." Your wages may be higher than those of less educated cohorts, but they're stagnant nevertheless. In fact, there's even been some slippage. The fine folks at EPI examined wage data throughout the Oughts and graphed the trend:
Not so hot. In large part, this is an example of an ill tide sinking all boats, but it's all evidence that the college diploma isn't the cure-all it once was. Additionally, it cuts powerfully against the comforting story some tell themselves about inequality, which is that it's skills-based and simply a reflection of educational differences in our grand polity. The massive gains in wealth in this country are apportioning to a small slice of rich people at the very top of the income distribution, not the broad mass of skilled, college-educated workers who hoped they were buying into the economic ruling class but, in fact, are just the new middle. We've built an economy where the riches go not to those with the most knowledge, but the most money.
Not so hot. In large part, this is an example of an ill tide sinking all boats, but it's all evidence that the college diploma isn't the cure-all it once was. Additionally, it cuts powerfully against the comforting story some tell themselves about inequality, which is that it's skills-based and simply a reflection of educational differences in our grand polity. The massive gains in wealth in this country are apportioning to a small slice of rich people at the very top of the income distribution, not the broad mass of skilled, college-educated workers who hoped they were buying into the economic ruling class but, in fact, are just the new middle. We've built an economy where the riches go not to those with the most knowledge, but the most money. 
