A steady drop in average pay for college-educated workers from the 1970's to the mid-1990's is evidence of this.

Yet America is suffering from too many college-educated workers.

Today, the typical college-educated worker makes 73 percent more.

More than 15 years ago, college-educated workers earned about 40 percent more than high school graduates.

"If growth were coming from college-educated workers, we'd be exhausting the pool," he said.

In 1979, for example, the average college-educated worker earned 47 percent more than the average high school graduate.

What would be the effect of a massive increase in the supply of college-educated workers on their own wages?

Many of the middle-aged, college-educated workers have no doubts that there has been a structural change.

Top earners account for a larger percentage of total income, and college-educated workers command an increasingly large premium.

Journalism school graduates are the lowest-paid college-educated workers joining the labor force.