In the 1970s, there was an oversupply of college graduates  The excessive supply reduced the average annual income of college graduates to a level that was only 18% higher than that of workers with only high school diplomas
By the 1980s, the average annual income of college graduates was 43% higher than that of workers with only high school diplomas, although the supply of college graduates did not decline from the 1970s to the late 1980s
For the first time in 20 years, there has been an oversupply of job seekers with only high school diplomas.