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More college graduates will not cure America’s globalization ills.

China now "churns out more than 4 million university graduates yearly, but only 1.6 million new college level jobs," according to this article in Psychology Today. These statistics have at least two grim implications for the nostrum that Americans will prosper despite globalization because we have the best colleges and universities.

One, putting a higher proportion of American students through college won't mean there will be appropriate jobs for them when they graduate. It is reported here that we already have a shockingly large number of B.A. holders working in jobs for which no college is required, including one-quarter of travel agents and retail sales supervisors, one-third of flight attendants, and one-half of aerobics instructors.

Two, there are lots of Chinese college graduates competing with Americans. Perhaps that is why real wages for American college graduates are declining along with the real wages of all groups with less education. And now even MBA jobs are being outsourced to India; think that won't impact the wage levels for these entry-level elites?

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