Lots of studies claiming that higher ed is a great investment merely imply that people who don’t go to college are missing out on a big boost in earnings, but a Pew study released in February actually says that those who don’t go are inflicting a penalty on themselves. I think that’s a completely mistaken conclusion and gives young people, especially those of marginal academic ability and interest, a terrible piece of advice. In my latest Forbes article, I explain that college credentials only appear to be increasing in value due to ever-increasing credential inflation.