I can understand where the hand-wringing about the link between education and future earnings is coming from, which is why I don't like it.

Historically, it was the responsibility of an employer to train employees. A higher education simply made one more trainable for a number of more complex positions. A Harvard graduate who one day hoped to edit his own newspaper might still begin by operating the printing press, and would be expected to master that before being provided with other opportunities.

Today, that Harvard grad expects a junior editing position, and given the outrageous sums the grad has spent on education, can hardly afford to accept anything less. Meanwhile, the employee expects to hire someone at that level who is fully-qualified, which would necessarily include business-world experience. So both sides enter the relationship with unrealistic expectations, and it doesn't typically go well.

Employers hold the key here, but they are not likely to do things any differently, because the current corporate environment heavily rewards top-level management for short-term gains, and such an employer/employee relationship is a long-term investment.