No, of course not, not after getting a degree. The worth skyrockets even if your skills are the same.
And sure, he's wiping people's asses. So what? That doesn't have anything to do with trying to pay someone low for their skills because they don't have a cert or a piece of paper or whatever, and the end of the day the software ships and the customer doesn't care if a degree-holder wrote it or not. They just want it to work.
And yeah, it's kind of crap. I was given table level access to their databases yet still making relatively the same amount. It was absurd (hence why I left) that you're paying peanuts for skills that are otherwise worth quite a bit more. But feel free to go tell your junior dev team you're going to cut their salaries in half because they should feel lucky to have a first job.
Or you'll what? Hire the first poor schmuck off the street? Don't tell me that it could be worse for me when the company is getting the way better part of the deal, like they're somehow doing a favor. I was the one doing the favor.