These results are to be expected, if IQ is normally distributed, but we push more people into obtaining university degrees. The value of a university degree has severely deteriorated since every white collar job essentially requires having one and it will continue getting worse. I would assume that it's worse in the US than in Europe, because in EU it seems that education is less commercialized and you can get a degr…
Doesn't this mean the value of a university degree has increased? If you now have to have a degree just to make it to the 40th percentile of the earning bracket that surely means it is more required than ever, and thus worth more.
Concrete example: a generation ago you could get your foot in the door at a bank with a high school diploma as a teller. Today? You need a 4-year degree in finance. Further, if you walked into that same bank with that same 4-year degree a generation ago, you'll probably be much further up the ladder than teller.