As long as employers continue to care about credentialing rather than actual knowledge academia will be fine.
Eventually, employers will realize that two-year degrees are as good as four-year degrees when it comes to vocational training. If a four-year degree represents nothing more than vocational training, why bother requiring one when a two-year degree generally suffices? By catering to credentialism and caving to student demands for vocational training, universities have set themselves up for a disaster.
Because a debt-laden employee is a docile, loyal employee? If you need the job badly to meet your basic obligations, you'll probably make fewer demands on the employer.
FTFY