Here in Brazil at least that is true. The Brazilian boomers thought us that we needed college, period. Then lack of colleges happened, thus government started giving student loans, and private companies building colleges like crazy, and the government build at a more reasonable pace

Now most people.of my age have a.degree that only proves you can wipe your ass with it, because most universities here have terrible quality, considering the amount of them grew much faster than we had teachers, and people.are terribly indebted. I pay for example permonth 2 times the minimum monthly wage. And most people stay stuck earning minimum wage until they retire. And I am not a exception, the only people I met that are below 28 and don't have absurd debts are dropouts or child of someone with net worth bigger than. 5 million.

EDIT: In the fields I got my degrees, every year we have more students completing their courses than the total number of employees on those fields in the country...

Or the one that is so absurd to the point of hilarity: Brazil has more law schools than the rest of the world summed, last time I checked in the justice department site, 5% of our population has a bachelor degree in law... (remember Brazil has a 200 million + population)