Admittedly, a degree has become a protection racket─you can't get a job without one, but there are fewer jobs for those with them.

诚然，学位已经成为一种护身符──没有它，你可能找不到工作，不过即便有了学位，职场中能够提供的就业机会也少了。

The protection racket, for example. If caught by police, a shopkeeper can get in trouble for cooperation with a criminal enterprise.

拿收保护费来说，如果被警察抓到，交保护费的店主会因为“与犯罪组织合作”陷入麻烦。

The racket was to 'sell' protection to store owners.

讹诈勒索的办法就是让店主‘花钱买’保护。