We used to hear often from politicians (including Obama) that the U.S. needed to greatly increase the number of people graduating from college, lest we “fall behind” competitors such as China. The evidence, however, is that the Chinese with their educational central planning now have a large surplus of college graduates. Mike Shedlock writes about it here. This problem is inevitable when you depend on government officials to allocate resources rather than market competition.

Hat tip: Paul Nachman