Oversupply of College Grads?

There has been an ongoing debate among economists that the rise in college graduates (and continued government policies pushing for more college grads in coming years) has cheapened a four-year degree by the simple economics of supply and demand.  In "The College Grad / Employment Mismatch" (Inside Higher Ed., January 28th, 2013), Doug Lederman sums up the debate and offers some interesting facts for both sides: for while the number of jobs requiring a college degree have not increased, the pay rate for many jobs that do not necessarily require a B.A. is higher for college grads.