Maybe getting a degree teaches the work ethic, desire, and ability to accumulate the skills necessary to obtain higher salaries.
I don't really think that makes sense. Those who go to college are typically people who have a better work ethic to begin with (partially influenced by upbringing) I doubt it's college that teaches that.
One of the largest being the fact that they hold a degree.
I'm not arguing that's the case for the last thirty years prior to 2005. I'm saying that's changed drastically in the last ten years and trends demonstrate it's going to continue to change.
College degrees are largely useless. I can learn the most advanced programming skills for free - why would I go to school for it? I can learn graphic design for free, why would I go to school for it? I can learn web development, UX design, film, editing...etc for free - why would I go to school for it?
The list goes on and on.
I talk to marketing companies now who literally crack jokes about the starry-eyed, suit-clad, fresh-out-of college job seekers knocking down their non-existent door (people are closing physical offices in droves) thinking that this is the way you get jobs now.
Yet, they have a shitty portfolio and no work experience, which countless other people who DIDN'T go to college actually have.
What I'm saying is that hiring trends are shifting and I think the data in the next two decades will reflect this.
Because of this college is becoming useless. Unless you're going into engineering or the medical industry or education, and so on, the bulk of the degrees people get are just wastes of money and aren't going to improve their chances of getting hired at all.
As a recent college grad, I've accepted a position as an Electrical Engineer for a company which I could not have gotten without a degree. Even if I knew all the stuff I did now, they would not hire without a degree. I've found this to be the norm of multiple companies I've interned at. For a majority of STEM jobs, you can't get in without flashing your degree.
I mentioned exclusions in engineering above before I read this part of your comment.
Engineering disciplines are one of the FEW fields you're going to need a degree in.
I'm not arguing that.
But, tell me some guy who just graduated with an advanced degree in digital design or motion graphics - for example - made a solid choice, when he/she could have learned that by themselves in half the time for free and gotten hired faster.
Unless you're going into education, engineering, medical fields, and other highly-technical fields, then the bulk of the degrees people get out there are absolute rubbish.
I know plenty of people with various business degrees who don't understand the first thing about starting a company with limited capital.
I know plenty of marketing graduates who are so inept in their own discipline they can't market themselves enough to get a job.