From a Washington Post column by George F. Will headlined “As enrollment plummets, academia gets schooled about where it went wrong”:

Tis the season to be euphoric, or crestfallen, as young Americans receive notifications from colleges and universities of acceptance or rejection to be members of this or that institution’s Class of 2027. Never mind the spoilsport who defines college as “those magical seven years between high school and your first warehouse job.” And disregard the Federal Reserve Bank of New York’s data showing that 38 percent of recent college graduates, and one-third of all college graduates, hold jobs that do not require a college degree.