Before World War II, college attendance was not nearly as widespread as it is today. The number of people over the age of the age of 25 with bachelor’s degrees did not break the 5% mark until after 1950. Today, that figure stands at around 28%.
I work at a college. Almost everyone here has a college degree of some kind (except the students, of course, who are on their way to getting one). I have this tendency to assume that everyone has a college degree, yet that figure isn’t even 30% of the general population. It’s like two Americas: one college educated, the other not, and in my experience the two seldom meet. [Is that true for you too?]
This is why cuts to higher education funding are so dangerous. This is why talk about a student loan bubble is so misplaced. This is why anyone could mistake Beck “University” for an actual university.
The higher education market is nowhere near saturated. Therefore, there is much more educating to do.