I've tried to find the original report, but it doesn't seem to be online. Too bad, what can be called a "simple algebra problem" might not be the same thing for a freshman as a professor.
We have similar problems in Sweden. The solution is somewhat different though, we lower expectations instead. Many swedish universities have lowered their admission standards. We have a national standard for high school courses, with math courses going from A to E-level. (The F course, mostly covering discrete mathematics, was removed about 15 years ago.) Many universities no longer require the E-level course for their master programs in science, which means that new students in for example engineering, physics and computer science haven't heard of complex numbers, matrixes or differentials.
Is this the beginning to the end of math? Probably not, but it means that new students have to spend their first months learning stuff that was common knowledge just 15-20 years ago. Computers and calculators are not the culprits, but I don't know who else to blame.