I was reading an article in an OLD print magazine published in the year 1900 (probably around when that picture was taken). It spoke of the increase of college students in the U.S. and made some comments on how past countries had suffered because of too many college graduates:

"There can hardly be too large an attendance at our colleges so long as the sturdy common sense of American life keeps its balance — the common sense that forbids even an effort to make a distinct "educated " class which when "educated" is unwilling to do the common tasks at which young men must first try their mettle. In Germany there is a surplus of scholars who are worth nothing to the community. They might have been good craftsmen, but university training has left them unwilling to do the common work of the world."

Has the U.S. lost that "sturdy common sense" recently? Too many degrees are handed out (a large part thanks to for-profits) to those who probably shouldn't have a degree. If they were to attend a vocational school or become an apprentice instead of college, college degrees wouldn't be watered down by those who don't even need them, meanwhile colleges would have a student body of only those fit to be there.