This is probably an indication of other things, notably that colleges are over-utilized economically and/or that there is a gross misalignment between what people are majoring in and the need for those particular skill sets. If a million history majors were swept up in the rapture, there would still be too many left behind for them to all have employment in their field.
Part of this is what we call a "college." Beauty School and Plumbing Schools are now deemed "colleges."
I know I'm an old bastard, but in my way of thinking, if it isn't accredited and doesn't offer a bachelors, it ain't a college. A certificate in muffler repair isn't a college education. Real colleges call themselves universities, and trade schools call themselves colleges. Azusa Pacific is a nice college, but they have one campus and one major offered - they are a college. They are accredited and offer a bachelors program, but they are a college. Universities are multi-campus, multi-discipline affairs. BUT to differentiate themselves from the trade schools they claim to be a university.
The degradation of language....