This is only part of it.
I'm 31, when I graduated high school all the counselors were saying "go get a college degree or you won't find a job". I have a degree, I've worked hard, and currently work in IT at a University with a decent salary. I have friends working in trades who never went to college that make the same or more than I do. In my state there are companies begging for high school kids to fill positions when they graduate from the tech schools, and starting them at $60k a year.
I was making $30K a year a couple years out of high school, 25 years ago, with no degree. And fast forward 25 years later (with all the inflation that's occurred since) and they're offering a $40k a year salary that requires a bachelor's degree? In an area with an above average cost of living?