alt Hacker NewsA large proportion of degrees awarded today are not useful for any practical application.
But having a degree of some kind still serves as a signaling mechanism, demonstrating lots of things including the ability to "play the game". to follow instructions, and so forth.
If I were 18 I'd be sceptical about the value of degrees compared to the value of trades.
Yes degrees are a prerequisite for white collar jobs but if there is competition for ever fewer white collar jobs that's a life gamble perhaps not worth taking unless you are supremely confident in your abilities in a field.
If we're being honest, the value of a degree has been in decline for a long time. It was only being held up by STEM and even that is on shaky ground now. The days when an e.g. English degree would open doors are long over.