The notion that a person without a degree is doomed to unemployment is at best a widespread misconception, as unwarranted as blaming an economic recession on a paucity of skilled workers. The high unemployment numbers are not due to workers’ lacking the right education. The numbers reflect the weak demand for goods and services, a weakness that makes it unnecessary for employers to hire workers at any level of education.
via The Economy Does Not Depend on Higher Education – Commentary – The Chronicle of Higher Education.