Here's the thing, which I've written about before (http://jseliger.wordpress.com/2014/04/27/paying-for-the-part... and http://jseliger.wordpress.com/2008/12/16/beer-and-circus-how...): universities are actually bundles of very different things, especially in terms of major. People who do hard science, CS, or engineering have very different experiences and earnings outcomes from people who do some of the majors that have evolved for those who don't want or need to do much (think majors like tourism management, sociology, some of the weaker business schools), and even they have different experiences from people who major in the real liberal arts (history, philosophy, English—the ones Lee cites).
Lumping all those "college" degrees together makes very little sense, since they're actually accomplishing very different purposes.
I wish more articles on the subject would emphasize this point, and I wish I could explicitly tell every incoming college student this, instead of waiting for them to figure it out on their own.
Universities have never met the ideal that we hold them to but, on balance, I think they are better than the alternatives
What "we" really need is less stigma against vocational schools and related college alternatives. Not everyone likes sitting still at a desk and doing abstract symbol manipulation (http://jseliger.wordpress.com/2012/10/22/the-problem-with-ju...). And that's okay! Right now we don't have very good systems for those people, and vocational schools are stigmatized.