Subsidies Create Glut Of College Grads

[Geee]

Investors Business Daily:

Higher Education: A new study finds almost half of Americans with college degrees are working at jobs that don't require one. It's the latest example of how federal subsidies are creating a massive higher-education bubble.

The study, by the Center for College Affordability and Productivity, found that an incredible 48% of college graduates — about 13 million of them — hold jobs that don't require a bachelor's degree. About 5 million have jobs that don't even require a high school diploma.

There are, for example, roughly a million sales clerks, 300,000 waiters and 100,000 janitors with college degrees.

This mismatch is up sharply from four decades ago, the study found. While 1% of taxi drivers had a college degree in 1970, to take one example, 15% do today. Back in 1967, fewer than 11% of college grads were overqualified for their jobs.

And this problem is not likely to get better anytime soon. Only seven of the 30 occupations projected to see the biggest growth over the next decade require any post-secondary education, the study found.