College Still Counts, Though Not as Much

By LOUIS UCHITELLE

Published: October 2, 2005

IN the bifurcated job market of the last 25 years, a college education became an indispensable credential for a middle-class wage. That is still the case, but the payoff from a bachelor's degree is beginning to falter.

The turning point was the 2001 recession. Until then, the typical pay of a worker with a bachelor's degree had pulled steadily away from the wages of those with only high school diplomas. Even recessions did not interrupt the climb. Starting in 2001, however, college-educated people stopped gaining ground and even lost some, suggesting that employers increasingly take degrees for granted.