20 years ago in America, members of Congress, armed with studies showing that a college degree meant more lifetime earnings on average than a high school diploma, decided the way to boost income for everyone was to make sure everyone got a college degree.
What changed? Very little. The best and richest students still go to the top universities while everyone else does not; but student loan debt has climbed as universities, able to charge unlimited amounts, did just that and hired more people and built more buildings.