Colleges haven’t been merely facing a financial crisis, they’ve also been facing a credibility crisis.

Among educated Americans, however, I suspect there’s another factor at work: elite overproduction. In the 1990s and 2000s, smart young Americans were told that a college education was the ticket to a career that wasn’t just high-paying, but also deep, fulfilling, and meaningful. And even if that was true for the median college graduate, there were ... See more