Is a College Education Essential for Americans?

PBS NewsHour:

GWEN IFILL: Finally tonight: Does the U.S. need more college graduates in its work force to remain competitive in the global economy? That was the central question at the kickoff of a new season of national debates hosted by the University of Virginia’s Miller Center of Public Affairs.
Former Secretary of Education Margaret Spellings and Michael Lomax, president of the United Negro College Fund, argued that we need more college graduates. George Leef, director of research at the John William Pope Center for Higher Education in Raleigh, North Carolina, and Richard Vedder, professor of economics at Ohio University, argued that many jobs being created today don’t require college degrees.
PAUL SOLMAN: Is it not the case that the United States needs to have a more and more sophisticated work force? Isn’t it the case that, if other countries with whom we’re competing are becoming more sophisticated, that that’s a challenge to us, George?
GEORGE LEEF, director of research, John William Pope Center for Higher Education Policy: Oh, it’s a challenge, but putting more people through college is not the way to meet it.
At the margin — remember, we’re not talking here about are we going to educate most of the Americans who — who have high skills and high aptitude, the high-SAT kids, the motivated students. They can — they’re going to go to college. The question is, are we going to get a few more at the margin into college?
That’s what we’re debating.