Burning the Midnight Oil for Progressive Populism
While Matthew Yglesias tends to be susceptible to patently absurd conventional wisdom economics, he does have his moments, as back in February when he observed:
The people in all the key jobs-not just the members of congress and cabinet secretaries and FOMC members and newspaper editors, but the bulk of the people who staff those people-are virtually all college graduates. And the way America works in 2010 those people are overwhelmingly going to have friends, neighbors, and acquaintances who are also college graduates. And while the labor market outlook for college graduates is bad by the standards of recent history, it’s really not catastrophic. Things look very different for people with high school diplomas.
The figures are stark, and starker when plotted as a graph: