Agreed. I graduated in 1997, and I think back then it was still possible to find work that made any degree from any reasonable school worth it. Liberal arts students have always had problems, but at least there were some teaching jobs available and companies were willing to take a chance on someone who wasn't a perfect fit. For example, I got a chemistry degree and used my part time tech support job to land my first "real" IT job. These days, you really have to think about it. Graduating in a field where you can find work is almost always a guaranteed win over not going, or worse not finishing. But, going to a private school and running up massive debts you can't pay back to get a degree that isn't marketable is an even worse decision than it once was, given the vast sums of money involved.
Just like the tech boom we're seeing now, I think the "everyone needs to be in college" boom will calm down somewhat. Tuition can't go up forever, and if people aren't getting an ROI they won't pay for it anymore. Being a state school grad, I've always wondered whether the Ivy League connections network you buy for your $50K+ per year is actually worth it. I know that's where all the investment bankers, big law firm partners and management consultants come from, but are you guaranteed success with a Harvard, Yale or whatever diploma? I don't think that's the case.
An even more extreme example is law school. The Bar Association basically gutted entry level law jobs, allowed offshoring, etc. all while opening new law schools and encouraging people to practice. Now, the only way to make any serious money as a lawyer is to work for a big law firm, and those firms only hire the top 10% of the class from the top 14 law schools in the country. So not only do you need to go to the best schools -- you need to be better than all your peers. Otherwise, you waste $250K+ and three years of your life...literally flushing it down the toilet, no recovery possible, etc. That's the worst ROI in education ever.
Believe it or not, trades are a good idea. They're not outsourceable, and if you live in a state with reasonably strong unions, commercial construction will provide a very stable living. Plus, apprentices get paid while learning. There's going to be a ton of steamfitters, carpenters, welders, etc. retiring, so anyone who isn't cut out for higher education should get in on it. You'll get a stable living...no six figure salaries without massive overtime, but no feast or famine either.