Americans Losing Faith in the Value of College

According to a recent article in The New York Times1, Americans are losing faith in the value of college. The article argues that for most people, the new economics of higher education make going to college a risky bet. However, when cost and debt are taken into account, the financial benefits of college begin to look quite different. On average, more education still means more income1.

Douglas Webber, a senior economist at the Federal Reserve Board, has spent the last decade looking for new ways to calculate the value of a college degree. For Americans in the aggregate, he has found, the college wage premium remains robust1.

The article also mentions that the price of admission to many elite occupations is now an elite degree, whether it's a posh D.C. think tank, a big consulting firm, or a fancy journalistic outlet. This has led to concerns that college has become a "racketeering situation"1.

Key facts from the story:

• Americans are losing faith in the value of college, according to a recent article in The New York Times1.
• For most people, the new economics of higher education make going to college a risky bet. However, when cost and debt are taken into account, the financial benefits of college begin to look quite different1.
• Douglas Webber, a senior economist at the Federal Reserve Board, has found that the college wage premium remains robust for Americans in the aggregate1.
• The price of admission to many elite occupations is now an elite degree, which has led to concerns that college has become a "racketeering situation"1.
• The article raises questions about the value of college and whether it is still worth it for many Americans1.