According to a new study, based on 2010 Labor Department data and led by economist Richard Vedder, the number of college graduates in the work force (41.7 million) in 2010 was larger than the number of jobs requiring a college degree (28.6 million).
“That, he says, helps explain why 15% of taxi drivers in 2010 had bachelor’s degrees vs. 1% in 1970. Among retail sales clerks, 25% had a bachelor’s degree in 2010. Less than 5% did in 1970.
“There are going to be an awful lot of disappointed people because a lot of them are going to end up as janitors,” Vedder says. In 2010, 5% of janitors, 115,520 workers, had bachelor’s degrees, his data show.”