The longest-running and most important trend in American history has reversed itself.

Bloomberg View reports.

Are U.S. Colleges’ Glory Days Over?

The golden age of college in the U.S. may be drawing to a close.

The latest enrollment numbers are the clearest evidence. After climbing for many decades, college enrollment has now fallen for three consecutive years. One of the longest-running and most important trends in American history has reversed itself.

Declines in two-year school enrollments specifically and among older students generally are driving the turnabout. That’s exactly what we might expect, since those are probably the students who are on the margin — that is, whose benefit from college is low relative to the cost of tuition and not working for a few years.