Undervalued and overpriced, the beleaguered bachelor's degree is losing its edge as the hallmark of an educated, readily employable American.

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Bachelor's degree-holders may well earn 66 percent more than high school graduates and 35 percent more than people with two-year degrees, he says. But for every bachelor's degree-holder earning more than $54,000 a year, he notes, there is a mail carrier, taxi driver, bartender, parking attendant or other worker with a bachelor's earning less. Indeed, almost 16 percent of the country's bartenders and almost 14 percent of its parking lot attendants have a bachelor's or higher.