What we need are more people going to tech schools. If 50% of the people getting psych degrees, and other common, overpopulated majors (*cough*englishandcommunications*cough*) went to learn a trade instead (electrician, plumber, chef, AC repair, etc), I think the job market would be better off. I mean, at this point going into school for just a 4 year diploma isn't gonna help much unless you're in a tech field, or maybe math and some science. Everyone else is gonna need more time to either go into something like law or medicine, or end up getting the lowest possible wage job that has a "4-year degree" requirement.
I mean, everyone I know who got a 4-year degree within the past decade or so either is getting or has got even higher education, or is currently working at a restaurant/retail. Honestly, the most successful person I can think of who is in their twenties is my former manager at Blockbuster, who didn't go to college, instead choosing the army, then managed to become a manager by 24, and lives very comfortably in a house that he owns with his wife and kid, and has plenty of money for things like 3DTVs or cool tech stuff like that. The previous generation far overvalues a college degree, because everyone was able to get one at a much fairer rate than we are able to now, so it wasn't a $100,000 proposition to get a 4 year degree. If you know how to work it, or are smart/good enough, it still isn't, but most people don't/aren't.