A glut of anything is a misallocation of resources. That applies to higher education just as it applies to everything else. A recent study from the Center for College Affordability and Productivity titled “From Wall Street to Wal-Mart,” by Richard Vedder, Christopher Denhart, Matthew Denhart, Christopher Matgouranis and Jonathan Robe, explains that college education for many is a waste of time and money. More than one-third of currently working college graduates are in jobs that do not require a degree.

An essay by Vedder that complements the CCAP study reports that there are “one-third of a million waiters and waitresses with college degrees.” The study, says Vedder — distinguished professor of economics at Ohio University, an adjunct scholar at the American Enterprise Institute and director of CCAP — “was started a year ago when the person he hired to cut down a tree had a master’s degree in history, the fellow who fixed his furnace was a mathematics graduate, and, more recently, a TSA airport inspector (whose job it was to ensure that we took our shoes off while going through security) was a recent college graduate.”