What a lot of qualified and experienced workers in their late twenties and 30s are not aware of, is that a degree does not guarantee work any more. While I'd still highly recommend doing a degree (or any other qualification for that matter), the realities of the working world for most newly minted graduates is years of "free" (crap pay for experience) labour before seeing returns for their intellectual investment. Very few of my younger cousins are in paid work after graduating, most are still living at home and the future is bleak. We're not talking crap arts "degrees" either, we're talking doctors (albeit in the UK), engineers, teachers, zoologists and scientists. I currently earn more than all of them combined, working in GA. Sure a mate earns twice my wage as a carpenter/come site foreman but I don't have his work ethic.
I had heard of these issues from a few friends but no idea that it had escalated to this level. Even scoring the heights possible TER means nothing if you choose a career that is not in demand.