Are more college graduates needed for a better economy?

Reports of unemployment, state budget cuts and federal budget balancing have many worried about money and the economy these days. But when considering the economic outlook for Americans, more people should be looking at higher education.

Education Week reported in an article Thursday that many more Americans need to be educated for the U.S. to continue to thrive.

"For 30 years, the United States has not been producing enough college graduates to keep up with the workforce demand," reported the media outlet. "And as a result, the country is losing its edge as an economic world leader, and the income gaps between those with a college education and those without are widening."

If the U.S. continues on its current trend, by 2025, those with a post-secondary degree will be making 96 percent more than those with a high school degree, stated a Georgetown study released last month called "The Undereducated American".

The authors of the study found that by 2025, the U.S. needs to add 20 million more workers who have a post-secondary degree to more firmly meet the demands of the workforce and to improve the economic future of the country.

"That effort is not only possible, but critical to maintaining American economic strength in an increasingly competitive world," the report states. "Postsecondary education has historically been one of the safest long-term investments we can make in our economic future. Educated workers are more productive, earn more and pay more taxes. Not only is higher education a sure return on investment, but access to postsecondary education has become the arbiter of economic success and upward mobility in our society. More postsecondary education will achieve not only a more dynamic and vibrant economy, but a more equitable society."

Yet many have argued that perhaps this is not the case any longer.

With tuition prices rising and people questioning the quality of higher education in books like "Academically Adrift," some are wondering whether college is worth the investment any more. A Pew Research study several months ago even found that 57 percent of Americans believe the U.S. fails to provide students with good value for the money they and their families spend and 75 percent say college is too expensive for most Americans to afford.