The core problem is that cheap, subsidized college loans given by the government are creating an education bubble, which hurts everyone.
It hurts everyone because tuition goes up, as the demand of college outstrips the supply. From the 60s through the 80s, the number of people getting bachelors was on a steady increase, but jumped 200-300% when the government began to push more subsidized loans.
Because of the glut of degrees, it waters down all fields, leading to a weaker environment in which people get hired in. A degree isn't worth what it used to be, as there are many people with them.
It also hurts the "Dirty Job" trades, which are being more and more handled by immigrants. That isn't a problem, per-se, but there are a ton of good trade skill based jobs with few people working on them. People don't want to take part in a hard day's labor for a good day's pay. I have a friend that is a president of a machine shop. He can't get anyone to work for him, because the work is 50hrs a week, and pays about $35,000 a year - and he's willing to train anyone that wants to work for him. He keeps telling me that everyone views manual labor as "bad", leading to an adverse effect on the industry.
Its very sad, because I saw a kid complain about not being able to find work, while he was around my friend. My friend offered him a job on the spot. The kid turned it down, because it was "too many hours".. Instead, the kid would rather work in fast food or at Wal-Mart, because he wants a lot of free time for other things.
College isn't bad, or wrong. However, it shouldn't be subsidized, nor pushed as the fix-all for an economy's woes or viewed as insurance on having a good job.
Back from the dead, I'm afraid.
