To hear politicians tell it, the college diploma is the guaranteed gateway to middle-class life, so everybody should probably go to college. The argument seems self-evident–over a lifetime, college graduates far out-earn those without a degree ($2.1 million, supposedly), so go to college, live the American Dream. Unfortunately, as many recent college graduates have discovered, diplomas no longer guarantee success. A Bureau of Labor Statistics study, for example, reported that in 1992 some 119,000 waiters and waitresses had college degrees. But by 2008 this figure had soared to 318,000. The study also found similar increases of under-employment in other low-level occupations. In 2010 the unemployment rate for college graduates was the highest since 1970.