It might be better to adopt a model similar to the German or Swiss, in which people follow different tracks depending on their skills and interests, and not everyone goes to college, instead a lot of people go to trades schools. Of course for that to work in the US a huge societal change would need to happen first or alongside.
The pay of which jobs? The ones that require a college degree or not.
> Not because of competition but because not all jobs require a college degree
And are the number and prospects of these jobs increasing or decreasing?
I also find this whole conflation of having a college degree and being an elite silly. The problem seems much less to be that we have too many educated people and seems much more that wealth is concentrated by the small subset of wealthy people who "got here first" and then get the compounding returns.
80% of students go to a school where over half of applicants are accepted. Yes, these schools definitely are centers of, frankly, liberal idealism and free-spiritedness. But I think that would be the case in any system where young people are pretty unsupervised and have lots of time to read and study (or party). In my experience though, they aren't factories for elites in the common sense of that word. They're just a reflection of how you need much more training to be competitive in the job market today.
https://www.theatlantic.com/education/archive/2019/04/harvar...