Isn't this just basic supply and demand? There are more students trying to go to university now than there were in the 70s. It's basically become the next version of high school socially (and, sadly, also academically in many cases).

What we need is a culture that respects people who want to just work at a factory, a big box store, a mall, whatever, without pushing them into doing something they don't want to do (school). Trade schools also help in this regard. I actually believe we need more push towards trades like plumbing, hvac, and carpentry rather than having more degrees in over-filled areas.