I know plenty of people with no degree who are working - some in quite highly-paid and fulfilling work. They've got there through being in the right place at the right time, internships, voluntary work and being good at what they do.
I also know a number of very talented people who've graduated university with BA and MA degrees this year - most of whom are currently scrambling over one another grasping desperately at what meagre scraps of low-paid part-time work exist in the radio industry at the moment. You can't put it in such simplistic terms. (I went out with a girl who'd been to Oxford a couple of years ago. She was jobless and living in a council flat.)
