It's all supply and demand and scarcity. 25 years ago, no one had college degrees, so if you went to college you really stood out in the crowd. Nowadays you are nothing special for just having a college degree. Which is really sad, because you can be passed over on a job application only because of a piece of paper. It has little to do with your skills BECAUSE of the degree. It has to do with no one ELSE having a degree.
The problem is that this country does not place any value on trade schools, apprenticeships, or craftsman. You can work for 10 years in say, a machine shop, learning how to use every machine, learning the best ways of doing things, learning how to manage multiple projects, learning the technology, but guess what? Your company is probably not going to let you rise through the ranks and give you a job as project manager or financial manager because you didn't go to 4 years of drinking school. Instead they'll hire some ivy league grad because of his "connections."