I did some calculations based on the new income statistics released by the Census Bureau, and it turns out that the real earnings of workers with only a bachelor's degree fell in 2004 for the fourth straight year.

Four years of falling earnings for the college-educated. That hasn't happened since the 1970s, and the days of Richard Freeman and his book, The Over-Educated American.

Here's another depressing chart. This one is the change in real earnings for workers aged 25-64, from 2000 to 2004, by education.

The only people doing well have advanced degrees. The world has changed. Just college is no longer enough.

I'm basically an optimist, but this can't be a good thing. I'd be interested to hear what others think.

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