Still, new research suggests that college is working, economically. Four years on campus nets the average graduate almost twice as much in wages as someone without a degree. Those odds may be comforting in the long run, but not when you’re young, deeply in debt and trying to nest in New York City.
Nobody ever unpacks this statement, so I will.
Of course a college degree will net you more money over a lifetime than no degree. A primary reason for this these days is that even decent paying jobs that used to not require a degree now do require one, even though the degree is not actually necessary in order to be able to perform the job.
Taken to an extreme, once every job requires a degree (all jobs that don’t will be done by machines) then the advantage of a degree will be more like a bazillion to one over a lifetime.