“You’ll own nothing, and you’ll be happy” is an increasingly fitting description of the American college graduate. While that World Economic Forum slogan is rightly mocked for its managerial creepiness, jokes aside, the average student nowadays is surely more nihilistic about the world than previous generations.

The economic bargain of college, however, is looking increasingly difficult to justify. Sure, we’ve all seen the statistics about graduates earning more on average, but the more shocking fact is that college graduates are making up a growing share of the long-term unemployed: “There are simply more college graduates today than there were 10 years ago, and the job market for people without college degrees improved, reducing their share of long-term unemployed,” journalist Noam Scheiber writes.

There is also the reality that “the 21st century may no longer favor college graduates,” at least according to the Federal Reserve Bank of Cleveland. And AI threatens to accelerate that trend, potentially eliminating or radically reshaping many of the white-collar jobs that college graduates spent years — and often hundreds of........

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