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Automation trades four lower class laborers for one middle class technician. Globalization trades lower class laborers for Chinese slaves. College for everyone reduced upper middle class professions to lower middle class professions.

The actually problem is that it is impossible to declare bankruptcy on the debt when the degree turns out to be useless and you get a job spitting on burgers at McDonalds. If this wasn't the case, there would be an incentive to make the degrees actually valuable.