The American left learns some economics

The Economic Policy Institute has grasped one of those fundamental concepts:

Jes Vesconte graduated from one of California’s most prestigious art schools, did a Fulbright in Germany and got a master’s from Columbia University.

Yet Vesconte, 29, is struggling to afford everyday life. Amid freelancing and working service-industry jobs, they are now in the midst of yet another job search to supplement their income before their student loan repayment schedule begins next month.

“I can barely find a way to make more than $3,000 a month,” Vesconte said.

Well, OK, so what’s the cause of this?

“The leg up of a college degree is not lost by any stretch, but it’s a little less than it was, because so many more people have a college degree.”

If the supply of something increases then and therefore we expect the price of that thing to fall. This has even been codified in those books of the mysteries of humans and the universe:

We look forward to the EPI recognising the general applicability of that little bit of knowledge. How it applies to food, houses, electricity and, in fact, all sorts of things.

Perhaps the British left might also like to get up to speed on this?

Tim Worstall