The economic value (?) of a college degree

A long time ago, back in graduate school, Martin Krieger remarked that often in the public policy arena, it is not what you say, but who says it.  It made a damn fine impression on me :)
So, when I write about public policy issues, well, nobody listens ... if the same point is made by, ... oh crap, here is the deal: at least two of my op-eds on the diminishing value of college degree have made it to print, and have generated discussions.  But, I am not the only one.  Here is an excerpt from this piece in the Chronicle of Higher Education:

The standard argument is that “college graduates are more productive persons, and the income differential associated with four year degrees has risen over time.” That argument’s validity is increasingly questionable, again I think a consequence of college degrees losing their distinctiveness. ...

We are engaging in massive credential inflation. Whereas in 1940 it was perfectly respectable for persons with less than a high school education to deliver the mail and unknown for college graduates to do the same, by 2010 almost all mail carriers had a least a high school education and probably close to one in five has a four year degree (we are awaiting the 2010 Census data for the exact figure). Moreover, as more go to college, standards inevitably suffer, as the results of the National Literacy Survey conducted roughly decennially indicate.

We are spending ever larger amounts of money as a nation trying to demonstrate that we are good, bright, disciplined, and hard working -- qualities traditionally associated with college graduation. The costs are becoming so large that entrepreneurs and others may look for alternative ways of certifying competence and skills.

I have pretty much the same things in the latest op-ed here, and in this op-ed, and in a number of blog posts.  Listen up, people! :)

Now, I do want to reiterate that I am not arguing in favor of gutting liberal education and the liberal arts.  I am a huge fan of it. I have made it a conscious decision to be in the very profession--after ditching electrical engineering!  But, we ought to recognize what we are doing, admit that we are already in a crisis, and begin to work towards a better future for the young and the talented. 
BTW, I wish David Brooks had done a better job at defending the liberal arts than the one he has--he is way more capable than this ... maybe he is wondering why Krugman is on vacation in Europe, while he is still toiling away :)