It's a parent's nightmare: shelling out big money for college, then seeing the graduate unable to land a job that requires high-level skills. This situation may be growing more common, unfortunately, because the demand for cognitive skills associated with higher education, after rising sharply until 2000, has since been in decline.
So concludes new research by economists Paul Beaudry and David Green of the University of British Columbia and Benjamin Sand of York University in Toronto. This reversal in demand has caused high-skilled workers to accept lower-level jobs, pushing lower-skilled people even further down the occupational ladder or out of work altogether. There have always been some graduates who wind up in jobs that don't require a college degree. But the share seems to be growing. In 1970, only one in 100 taxi drivers and chauffeurs in the United States had a college degree. Today, 15 of 100 do.
-- Bloomberg News