Rising Degrees, Falling Literacy

NCES’s adult literacy surveys (1992 vs. 2003) show overall scores flat, but sharp declines within every education level, including a 13–17 point drop among graduate-degree holders. As more students are pushed through, high-scoring 1990s dropouts become low-scoring 2000s graduates, signaling lowered standards rather than skill gains. Meanwhile, real per‑pupil K–12 spending has tripled since 1970 with stagnant reading scores. — This supports the 'credentialism over human capital' thesis, challenging massive higher‑ed subsidies and arguing for reform of education’s incentives and governance.