One other factor is the cost of educating the work force has increased. This might not be due to an increase in the education requirements of the job market. If

One other factor is the cost of educating the work force has increased. This might not be due to an increase in the education requirements of the job market. If degrees are common place they get used as a proxy metric for who is capable and who is not (while this is often not the case). This means it's hard to measure the effectiveness of the current student load system. Is the investment increasing productivity? Or just creating another hurdle for people to jump over to get a good job?