A review is presented of Richard Freeman's "The Overeducated American," a book that proposes that the U.S. has entered an era in which the college degree cannot be assumed to be a safe avenue to economic success. Focus here is on five of the book's seven main conclusions. Freeman's evidence documenting the new depression for college-educated workers is examined and his model of how the college labor market operates and why the market became depressed in the 1970s is critically summarized. The demographic consequences of the baby boom cohort and speculation on why cohort size may matter for employment and wages is discussed; and an alternative to Freeman's explanation is offered. Welch's findings are contrasted with those of Freeman as they project the future economic viability of college for those entering the labor market in the 1970s. The second half of the review concentrates on Freeman's evidence on how the labor market changes impacted on blacks and women. It is concluded that the data do not reveal an overeducated American but rather relate adjustments to larger entering cohorts. Supporting statistics are cited and a bibliography is included. (PHR)