I think your last paragraph is crucial. Now, many with four year college degrees can't get a job, and most households can't own that house and support a family without two incomes. Why? Because our standards have inflated to the point where the ranch houses and public schools we grew up in are not enough. In order to "give your kids opportunity" (code for make it so THEY can live outside normal means) things like country club memberships, private schooling, etc have become the de facto "standard". Noone can really afford it, but its what's expected. At least in my social circles.