I blame the "everyone should go to college" mentality that we've had for the last 50 years. Not only did it dilute the value of a Bachelor's Degree, but it produced a glut of people who mortgaged their future on their education (myself included), because that's what we've all been told since we were kids -- study hard, get a good education, and there will be a good job waiting on the other side.
Thing is, what they're telling us now (at least that I've been hearing) isn't necessarily that college == good job, it's just not!college ==
worse job (or chance for job versus (much) worse chance, anyway.). E: I want to say the common figure I keep hearing is that a high school grad makes, on average, something like 15-20% less than someone with just a bachelor's. Obviously doesn't detail all the variables involved and there's likely some spin on it, but that's what I keep hearing. Also that demographic (non-degree folks) apparently have drastically higher unemployment rates. So... yeah.
If it's bad for th'college educated, it's pretty much exponentially worse for those
not (though there's wiggle room in there for technical training et al.). Experience, from everything I've seen, can offset that only somewhat. From what I hear, if you don't have a degree a lot of folks just won't even look at you.
As I understand it, those without a degree that went to work are being hit even worse than those that "mortgaged their future on their education". I'd posit it has much less to do with degrees becoming devalued (though that's definitely happened and is becoming worse) than it does with non-degree work just... going away. We just don't
have as many of those jobs anymore. E2: At least on a population relative scale. Maybe more jobs on the net, but less per person, so the amount's gone up but the fraction of the population able to be employed by that has gone down. Note that that is a WAG and I don't actually have the numbers on it -- it's entirely likely we just have flat less -- but it'd make a sort of sense.
But that... whole thing. Is a multivariant problem like a who-knows-what. Degrees devaluing, jobs going away, efficiency getting better (lower worker demand), social norms changing, etc., so forth, so on. S'not just one thing to blame here, unfortunately. That'd make fixing so much easier