IT going forward doesn't need a dozen people with BS degrees. When you're building a house you only need so many civil engineers and architects. At some point you need a fleet of plumbers, electricians and general contractors. Some people insist that a BS is required so management finds the cheapest BS they can. For 10% of my job I would love to hire a 17-18 year old apprentice and just train them in the hands on tools.
I don't need a BS. I don't need an Indian. I just need someone thirsty and willing to learn. I was lucky enough to have an engineering 'apprenticeship' at 16 and it influenced the rest of my career. It was hands on "do this" style learning, exactly how you see journeymen training apprentices.
There will always be a need for advanced degrees but the ratio of degreed:apprenticed needs to change. Doctors have moved to train physician assistants, RNs, and a host of other positions to do most of their job so they can concentrate on what they were trained to do.
If you're a manager looking for 'cheap labor' start talking to the local voctech high schools. Factor in rework and communication 'costs' and pay them well for their age. You'll come out loads ahead. They'll have relevant job experience for the future and you'll have cheap labor. If you have someone set to retire in 5 years just have the 16 year olds shadow them and do any work that they can.
You'll have 'cheap' labor that knows your system inside and out and you can pick the best to hire after HS. It's how all of the CNC and tool and die shops in my area do it. Kids wrap up highschool and get hands on training in something they're interested in. After HS the CNC shops have 18-19 year olds that are getting paid well for their age with no debt.