This is rather alarming. The New York Times reports that "the average American college graduate’s literacy in English declined significantly over the past decade."
According to the story, "when the test was last administered, in 1992, 40 percent of the nation’s college graduates scored at the proficient level, meaning that they were able to read lengthy, complex English texts and draw complicated inferences. But on the 2003 test, only 31 percent of the graduates demonstrated those high-level skills. There were 26.4 million college graduates."