College Degree Returns Are Falling

The economic premium for holding a four‑year college degree has declined, meaning the wage differential between degree holders and non‑degree workers is shrinking. That decline alters the implicit contract behind rising tuition, student‑debt decisions, and public subsidies for higher education. — If true and sustained, lower degree returns reshape debates over tuition policy, vocational training, immigration for skilled labor, and the political support for higher‑education subsidies.