The perception of college education in the United States has undergone a significant cultural shift, with decreasing belief in its necessity and declining enrollment. Despite this, the income disparity between college graduates and high school graduates, known as the college wage premium, has remained consistent. However, economists have introduced the concept of the college wealth premium, which considers the cost of college and accumulated debt. For younger generations, particularly among black and Latino families, the college wealth premium has diminished or disappeared due to the high cost of college and increasing debt burdens. The changing economic dynamics and cultural politics have led to increased skepticism and anxiety towards college education. This skepticism, along with a perceived lack of return on investment, has contributed to a decline in conservative support for higher education. Meanwhile, individuals without a college degree face limited job prospects and lower wages, highlighting the need to address the imbalance between the demand for college graduates and available job opportunities. The challenge lies in finding effective solutions to address the rising costs of college, student loan debt, and the politicization of higher education. A cultural shift is necessary to perceive higher education as a public good and ensure equitable access. Fixing the issues surrounding higher education requires the collaboration of colleges, elected officials, and a political effort to allocate more funds and view college as an economic fact rather than an identity or ideological matter.
