The American system of higher education is increasingly becoming a fiscal disaster for ever-larger numbers of students who move through it. That disaster is being caused by a combination of terrible incentives, institutional greed – and the pervasive myth that more education is the cure for economic inequality.

The extent of this myth is highlighted by a new report from the Center for College Affordability and Productivity, which indicates that nearly half of all employed college graduates have jobs that require less than a four-year college education. Despite such sobering statistics, the higher-education complex remains remarkably successful at ensuring that American taxpayers fund the acquisition of educational credentials that, in many cases, leave the people who obtain them worse off than they were before they enrolled.

Far from being ‘priceless,