If parents have already sent a check to the four-year college that has accepted their son or daughter for the fall semester, what follows will not be welcome news. Nevertheless, it needs to be said.

The trend of underemployment for nearly half of those with a bachelor's degree is highly likely to continue for years, according to a study released on Mar. 25 by the National Bureau of Economic Research ("College Grads May Be Stuck in Low-Skill Jobs," The Wall Street Journal, Mar. 26). Investigators found that demand for college-level employees hit its peak as a share of the workforce around 2000 and has declined ever since. Despite the change in demand, the supply of college graduates has continued to grow.

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