Things are only going backwards? In what way? Are we going to uninvent refrigeration or elevators or something? Because I, for one, would miss those. Just curious where PhDs in 'Queer Theory' and 'African Women's Studies' fit into this. Universities pander to fads, and whatever makes them money. They are not immune to the temptation of cranking out useless degrees, that they KNOW are useless when they design the program. Maybe they think only rich kids will be stupid enough to sign up for such programs. Unfortunately, we have degrees in LGBT studies (wtf?) where the class is relatively large, and the potential teaching positions are very small and the potential for private employment is near zero. But it is OH SO fashionable to have that department....So, what happens to people who spent 40K times 4 or more for these degrees? They end up as social workers, HR drones, waitresses, tour guides, etc.; Working FOR people who have high school diplomas and being paid the same, or less than if they had NO university degree at all. If their is an oversupply of gold, the price of gold falls. It is not because gold has less intrinsic value. Gold can be hammered to a few molecules thick, it doesn't corrode in saltwater, it is a decent conductor and other valuable properties (like SHINY). If there is a large supply, the price falls. That's what 'Welcome to the economy' means. The price has fallen on these degrees. In 50 years or so, all the current degree holders will be dead or retired, and then there will be some prospects for employment.
There is an education bubble, and it will burst with spectacular results pretty soon.