Issues regarding the relationship between schooling and labor market success are examined in this paper through review of previous research and consideration of additional data. The review of existing evidence on the changing labor market position of college graduates focuses on the work of Margaret Gordon and Richard Freeman with some attention to several other authors whose work is closely related to theirs. A reanalysis of questions on the relative earnings of recent college graduates uses data from two sources: The Current Population Report's series "Consumer Income" and data on the experiences of new labor market entrants since 1967 taken from the National Longitudinal Surveys sponsored by the Department of Labor. On the issue of whether there have been changes in relative earnings among recent male college graduates, the author concludes that the existing work is incomplete and involves inappropriate comparisons, casting doubt on the usefulness of findings and implications. He draws the following conclusions from reanalysis of published data: (1) There are declines in relative earnings among new labor market entrants as a group and (2) declines in relative earnings among older and more experienced college graduates. He contends that results do not support the hypothesis that a recent oversupply of college graduates has led to declines in relative earnings among new college graduates. (Author/JT)