I think the problem is, College Degrees have become what High School Diplomas were to a older generation.
What do you mean?
Reverting slightly into Right Wing Crank mode (because even twice a day, a broken clock is right), when you have public schools that graduate kids who can't read their diplomas, employers want to know that you can read, write, understand simple math, know basic simple science.
You got a Bachelor's Degree? Wonderful!
My current job requires a bachelor's degree. It shouldn't. It's not college level stuff. It's simply buying parts for manufacturing.
And I know a lot of buyers who were in the business for years, were really good buyers, and when the recession hit, 90% of purchasing jobs were inaccessable to them because they required college degrees.