Sometimes a proposed piece of legislation or new rule can catalyze debate about a key issue. That seems to be the case for the "gainful employment" rule currently being proposed by the Department of Education (DOE). The rule addresses a very real problem: The large amounts of debt being taken on by some students, mainly those attending for-profit colleges. However, if enacted in its current form, the new rule would require many institutions--for-profit, non-profit, and public alike--to follow complicated new procedures that could greatly limit their flexibility in offering new programs and potentially reduce the educational options open to students. This policy brief will make one observation about today's economy, and then draw three implications for policy. The observation is simple: Young educated workers face vastly more uncertainty in the labor market than recent generations of graduates. Young workers with a bachelor's, associate degree, or other postsecondary education must deal with much higher unemployment rates, falling real wages, and a job landscape that keeps shifting. (Contains 1 figure, 1 table and 8 endnotes.)