The need for education and professional credentials today is very different from what it was just fifty years ago, when what you needed to get a good job was a high school diploma. That diploma provided a meal ticket that enabled a worker to get a good job that supported a family, paid the mortgage, bought a car, and provided a two-week family vacation each year. At that time, only 5% of American adults earned a bachelor’s degree, while 52% held a high school diploma. Over the years, high paying jobs in manufacturing disappeared. To get the good jobs, you needed a bachelor’s. By 1990, nearly 10% of adult Americans had a bachelor’s, and the pay gap between what they earned and what high school grads earned grew dramatically. The college degree replaced the high school diploma as a basic meal ticket.
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