Of course he is correct, there is a bubble; it has existed for over 60 years. Being young, Indiviglio has no idea what started this bubble. It was started in the late 1940s by the post-World War II GI Bill.
At the end of World War II many hundreds of thousands of young men were released from military service within a period of a few months. The concern in Washington was that this flood of young men would create massive unemployment and social dislocation.
In order to keep returning GIs out of the job market for a few years, the GI Bill was created. By this means veterans could be gradually reintroduced into the workforce. Subsidizing higher education, for fellows who otherwise would not have gone beyond high school, worked as planned.
Like many good ideas, the GI Bill had unintended consequences. Employers given the opportunity to hire young men with newly minted baccalaureate degrees, for jobs for which a high school diploma once sufficed, did exactly that. This devalued the high school diploma.
The GI's non-veteran younger brothers looked at employment ads and found that many now required a B.A. or B.S. They decided, or were coerced, to go to college, to be competitive or even employable.
There is a bubble in higher education, but it is not at all new, dating back to roughly 1949.
