I'm sorry for obsessing about this, but I can't help it. I really do wonder whether we've passed over a critical threshold where a college degree alone is no longer enough.
The youngest workers are the ones who are at most risk. Real earnings for workers aged 25-34 with a bachelor's degree have fallen by almost 10% since 2000. Young college-educated workers saw their real earnings drop by 5% in 2004 alone. That's astounding, and very depressing.
This chart plots real wages for young, full-time workers with a bachelor's degree only. What kind of a labor market is this?