Backed up by this data:[1]
1960 1981
HS Grads 41.0% 69.7%
<4 College 16.5% 32.1%
>=4 College 7.7% 17.1%
(all numbers are cumulative (college-bound are also HS grads), and for people 25+ years old from the entire population)
A higher percentage graduated college in 1981 than entered college in 1960. A person was twice as likely to enter college.
Meanwhile, in 2009, we had:[2]
HS Grads 86.7%
Some College 55.6%
Associates+ 38.5%
Higher degrees 29.5%
(I separated Associates, as I believe those are often <4 years, but just to include it. Same data set & methods.)
Not directly comparable, I'll grant you. But the trend continues. Assuming Bachelors+ == 4 years or more, nearly as many people had 4 years or more as entered college in 1981. And look: the college-entry rate has nearly doubled again. Even with grade inflation, I'd say things are improving overall, despite (because of?) the lowered hours.
[1]: http://www.census.gov/population/socdemo/education/p20-390/t... (contains more years + more data)
[2]: http://www.census.gov/population/www/socdemo/education/cps20... ("both sexes" excel link)