演讲稿英文版：
In a few minutes, all of you will march through FitzRandolph Gate as newly minted graduates of this University. Before you do, it is my privilege to say a few words about the path that lies ahead. It is indeed a privilege, and also a joy, to address you, for all of you who graduate today have accomplished something genuinely important and worth celebrating.
You have completed a demanding course of study. It will transform your life in many ways. It will expand the range of vocations you can pursue, increase your knowledge of the world, deepen your capacity to appreciate societies and cultures, and provide a foundation for lifelong learning.
So we celebrate here on the lawn in front of Nassau Hall, as do other college communities in courtyards, auditoria, arenas, and stadia around the country.  Graduates toss caps in the air and professors applaud. Families cheer and holler enthusiastically. Yet, even as we do so, we see a strange trend from columnists, bloggers, think tanks, and politicians. In essays, books, and speeches, some of them suggest that too many students are earning college degrees.
Too many college graduates:  that is a very odd claim, because the economic evidence for the value of    a college degree is overwhelming.  For example, in 2014, economists Jaison Abel and Richard Deitz
of the Federal Reserve Bank of New York estimated the average annual return on investment from a college degree, net of tuition paid and lost earnings, at between 9 percent and 16 percent per year for a lifetime (1). For the last two decades, the return on investment has hovered at the high end of that range, around 15 percent per year.
By comparison, the historical average return on investments in the American stock market is around 7 percent per year. That is why my friend Morton Shapiro, the president of Northwestern University and a leading educational economist, says that for most people, the decision to invest in a college degree will be “the single best financial decision they make in a lifetime,”even if judged purely in terms of financial return on investment.
A degree conveys many other benefits as well.  For example, college graduates report higher levels of happiness and job satisfaction, even after controlling for income.  College graduates are healthier than non-graduates. They are more likely to exercise, more likely to vote,
and have higher levels of civic engagement. To these pragmatic considerations we should add the joys that come with an increased capacity to appreciate culture, the arts, the world’s diversity, and the inherent beauty of extraordinary ideas.
The numbers I have quoted are not specific to Princeton. On the contrary, they are averages over all four-year degrees, in all fields, from all colleges in the United States. Think about that for a moment: on average, all degrees in all fields from all colleges generate an annual return between 9 percent and 16 percent, and this return is supplemented by additional benefits to health, happiness, and quality of life.  How could anyone think we need fewer college graduates?
Some people answer that you can learn a trade without getting a college degree. Welders, they observe, can make more money than many college graduates. That’s true. There are, of course, reasons why you might want to get a college degree even if you plan to become a welder. You might worry, for example, about what happens if technology renders your trade obsolete, or arthritis leaves you unable to practice it, or you want to move into management or explore other interests. A college degree equips you to respond to the changes —to yourself, and to the world —that inevitably occur over a lifetime.
Still, if pundits and politicians were saying only that America needs better vocational training, I could agree wholeheartedly. It would be terrific if more people could get the training they need to practice a trade. But at the same time it would also be great if more people, not fewer, could receive the extraordinary benefits that come with a college degree.
So I ask again:  why would anyone think we need fewer college graduates? I think there is a simple answer. Education requires high-quality teaching. Teaching, in turn, depends upon skilled labor, which is expensive. As a result, the up-front cost for education is real, large, and easy to measure. The returns are equally real and even larger, but they accrue over a lifetime, are hard to measure, and vary from person to person.  It is tempting to wish that you could get more certainty at lower cost.
毕业致辞
The people who call for fewer degrees yield to that temptation.  They emphasize the short-term.  They focus almost entirely on the price of college and on the salaries students might earn in their first jobs.  That is a mistake.
A college education is a long-term investment.  It enables graduates to develop and adapt, and it pays off spectacularly in the long run.  The idea that we would be better off with fewer college graduates is a short-term swindle, a swindle that will cheat America’s young people, weaken the nation’s economy, and undermine our future.  We need to have the confidence to invest in our young people and to ensure that a college education is accessible and affordable for students from all backgrounds and financial circumstances.
I hope that all of you who graduate today, and who experience the power of education in your own lives, will become advocates for the value of higher education in our society. There is    a national conversation taking place right now about the value of higher education, and we need your voice in that conversation. We need you, in other words, to help others to achieve in the future what you achieve today.
How can you help more students earn college degrees? Here are three suggestions. First, become advocates for the importance of completion rates. A college education produces a tremendous return—if you get the degree. Returns are much lower if you start college but do not get the degree. The highest default rates on student loans do not involve
college graduates with big debts. They instead involve students with small debts who never finish college and so never get the earnings boost that comes with a degree.
A few moments ago, we awarded an honorary degree to President Barbara Gitenstein. Over her nearly two decades leading The College of New Jersey, she raised the College’s four-year graduation rate from 58 percent to 75 percent, a number that puts TCNJ’s on-time completion rate among the top ten in the nation for public colleges and universities. By raising TCNJ’s graduation rat
e, President Gitenstein has improved the lives of thousands of students who might have left school with debt but no degree. Be an advocate for higher education leaders like Bobby Gitenstein, and for colleges like TCNJ that commit to improving completion rates.
Second, support America’s public institutions of higher education.  State subsidies for public colleges and universities have declined precipitously, and state funding represents an increasingly small share of the budget at public research universities. At the University of Michigan, for example, state funding now accounts for only about 9 percent of total revenues.  In the 1950s, by contrast, that number was 80 percent. Tuition at state universities has risen not