In an op-ed in the Washington Post, Mitch Daniels said that higher education "has failed to deliver value: Its prices rocketed upward even as its rigor, quality and the marketplace value of its degrees eroded." Rigor and quality are matters of judgment, but the marketplace value of college degrees can be measured, and over the last 50 years it has increased substantially. But Daniels was president of Purdue University from 2013 to 2022, so you might expect him to be informed about the latest trends--maybe it has declined in recent years? I looked up the median earnings of wage and salary earners with a high school diploma and no college and wage and salary earners with a bachelor's degree and computed the ratio:
It increased rapidly from 1979 (the first year for which data was available) until the early 1990s and more slowly since then. Looking more closely, it's been roughly constant since about 2010. But there's no period in which it has "eroded."
The bachelor's degree group includes people with advanced degrees. So maybe there's been "degree inflation"--people discover that their BA isn't worth much, so they go on to get a master's or professional degree? Since 2000, there is data for people with a BA only--the next figure compares the ratios for BA only to BA and above to high school only.
Almost the same: the payoff to a college degree has not declined.
What do people think about the value of a college degree? In late 2023, a Pew survey asked "Thinking about the cost of getting a four-year college degree today, would you say it is worth it, even if someone has to take out loans in order to attend, worth it, but only if someone doesn't have to take out loans in order to attend, or not worth it?" Among Republicans 19% said worth it, 41% worth it only if without loans, and 38% not worth it; among Democrats, it was 26%. 54% and 19%. That question was only asked once, but in 1997 a survey asked "A college education can now cost on average from $7,000 to $18,000 a year. Do you think a person gets enough out of a college education to justify what they might pay for it?" The difference by party was small (Democrats 52-36%, Republicans 49-39% and not statistically significant. In 2015, there a survey of parents of children under 18 asked "how important is it to you that your child earns/children earn a college degree--extremely important, very important, somewhat important, or not too important?" Among Democrats, it was 49%, 31%, 16%, and 3%; among Republicans, 36%, 31%, 22%, and 8%. There was another question on how important it was for the child to be financially independent, and there was no partisan difference on that, suggesting that Republican parents had less confidence that a college degree would help to achieve that.
So it seems that the gap between Republicans and Democrats on the value of a college education opened up before Trump and the years of "peak wokeness" in the late 2010s and early 2020s (also see this post).As far as why, I don't have any definite evidence, but think it was driven by Republican elites (like Mitch Daniels, who was governor of Indiana before he became president of Purdue). I offered a possible reason for their increasingly negative views of higher education in a post from 2013.
[Data from the Roper Center for Public Opinion Research]