[randomdata]

Was there ever a return on investment? The rate of postsecondary attainment has increased substantially over the last 50 years, but incomes have remained essentially stagnant through it all. For there to be return on investment, incomes need to be increasing above the baseline. That does not seem to be happening. The data indicates that people are making about the same amount as they did when they didn't have postsecondary schooling.

Statistically, those who make more than others within a given year are more likely to have degrees, but that is not the same thing as the degree providing a return on investment. People who make more within a given year also tend to drink more alcohol, but that does not mean alcohol provides return on investment either.