Falling Incomes for College Grads

Based on the above charts, Michael Mandel asks three questions (here):

I want to ask an economic question, a political question, and a policy question.  First, no one has given me a good explanation yet of why young American college grads should have been hit so hard. Is there increased competition with young college grads around the world?  Are new college grads lower quality than their predecessors? Has information technology reduced the need for young grads? I really would like to know.

Politically, Obama captured the imagination of this group in 2008. Are young college graduates going to sit out the next presidential election in disgust?  Is there any candidate that can excite them?

Finally, if we were going to design some economic policies to help young college grads, what would they be?

I think we need answers to his first set of questions before we rush to invest more in our current public system of higher education.