A college degree once looked to be the path to prosperity. In an article for TechCrunch, Sarah Lacy writes, “Like the housing bubble, the education bubble is about security and insurance against the future. Both whisper a seductive promise into the ears of worried Americans: Do this and you will be safe.”
But the jobs that made higher education pay off during the inflationary boom, kicked into high gear by Nixon waving goodbye to the last shreds of a gold standard, came primarily from government and finance.
In 1990, 6.4 million people worked for federal, state, and local governments. By 2010, that number had grown almost 6 times ”” to 38.3 million ”” with many of these jobs being white-collar….