I don't know who downvoted you to a 1, but the 4 year degree has serious problems. I'd argue that mass 4 year degrees are one of the most harmful things Western Society has done to itself.
Let me preface this by saying, I am pro-education. I'm talking specifically about mass 4 year degrees, where everyone is expected to get a 4 year degree. Often it doesn't really improve the person's ability to do a job.
1. Education inflation. I'm in Canada and here it is very common to have to do a 4 year degree before you enter a specific program (med school, nursing, teachers college...). In many countries you can go straight into those programs. I don't think Canada's workers end up 'better'. The 4 year degree is basically just inflation. You need it just because other people get it. Now, even some tight program expect you get a masters degree. Well sure, if you're comparing applicants, and one has a bachelor and one has masters, surely you take the one with the masters right? This can definitely increase inequality as generally wealthier people have the time to get multiple degrees. The rest of the people need to get on with life.
2. The Birth Rate. Most western countries are suffering and part of the reason here is when you are able to 'start a life'. The longer your education, the longer people feel it takes to 'get started in life'. All these educational requirements do in increase the time it takes for you to get started in life. It's not uncommon today to be in school until your late 20s. Then you have to find a job. Feel a bit secure in the job, by that time you're in your early 30s. Then you have to squeeze in getting the right partner, pray the stars align and you can get pregnant. Maybe you can squeeze in 1 or 2 kids tops. There is no reason to spend so much time in school. It should be much more common to get a basic education. Get to a job. Start a family. Once you get some experience, maybe it is worth getting a masters degree... But so many people want all that education front loaded. It's very detrimental.
3. Unions have actually played a part here too. I'm in Canada again and it's weird to me that they too have participated in all the preference for 4 year degrees and masters degree. You should just magically be paid more or get preference just because; even if it has nothing to do with your ability to actually do the job. Like being a bus driver should have nothing to do with how much education you have. You should be a darn good driver and have good customer service skills...
4. Government subsidies. This one is tricky, but I'm going to say we're all subsidized to some level. What's tricky is so often people don't want to admit they're subsidized. A lot of government spending goes into things like universities. If you work in one, you're subsidized. If your city gets one, you're subsidized. Even healthcare. One way to see it is the government is helping the poor. The other way to see it as government funding healthcare workers.
Again, I personally don't think there's anything wrong with a subsidy. But you have to recognize it. These people often don't see it as a subsidy. So when the government tries to fund other people, they just see that as a subsidy and rail against it. What we've done in general is shielded educated workers (Somewhat) from the market, while exposing the poorest to complete global competition. It's sick in my view.
5. Neglecting trades. with so much spending on education focused on the 4 year degree, that has removed funding for things like trades in high school and earlier. Once again hurting a lot of people; often on the poorer end of the system.