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<p>Actually, no. The slack has been more than taken up by international students. In 1970, they earned less than 25% of PhDs in science and engineering while now they ean more than 50% of PhDs. At many departments at top institutions they earn even a greater share. The increase in students with foreign baccalaureate degrees is much greater than the drop from students with baccalaureate degrees from the more selective colleges. </p>
<p>So, in fact the graduates of top colleges have increased their share of degrees from top PhD institututions among US graduates while the Podunk U grads are being squeezed out by the Chinese, Indians and Koreans.</p>