"When I put the bubble hypothesis to Norton Grubb, professor of higher education at the University of California, Berkeley, his response in an email was that the bubble hypothesis was "ridiculous". He went on:

'The problem is that there are no other routes to better occupations and higher salaries anymore, except for those who have odd skills (athletes, rock stars, starlets willing to reveal all) - which most of us don't have.'"

Programing and start-up skills allow people to get better occupations and higher salaries without education. This is only going to continue to be more prevalent in the future; especially as these skills become more available to the masses through resources like HN and incubators like YC.

I think education is in trouble...