Well, there definitely appears to be creeping credentialism and education inflation, at least in North America (I am less familiar with other jurisdictions).
In the 1950s, fully 40% of students graduated from secondary school. Most people found work regardless, and a small percentage of graduates went on to receive post-secondary education. Everything was rosy.
Within a decade, most well-paying jobs required a minimum education level of a secondary school diploma. The same jobs, but the goal posts had moved. Various changes were made to secondary education to both encourage people to stay in school longer and to make it easier for them to graduate. The student populations boomed, and colleges were built to provide the additional education no longer provided by secondary schools, and to provide technical and skills training no longer provided by employers in the effort to 'improve efficiency' and increase quarterly dividends. Piles of funds were made available for education, because it was clear that a better-educated population was a good thing all around, it had an excellent return on investment.
A couple of decades later and a college diploma or university degree became the standard basic minimum level of education for most jobs. Again, changes were made to the education system. More infrastructure build-out took place because bricks and mortar are great campaign items, but operational funding was reduced because budget cuts are great campaign items.
Come today. The same job that was performed by someone with a minimum grade 10 education in the 1950s requires a university degree. Most jobs that could have been done in the 1950s by a high-school dropout have been moved to a third-world dicatatorship so we can save 15 cents on underwear at Wal-Mart. Real incomes are down and people resent having to pay for someone else's education, since they get no direct benefit. Talk radio and internet choir-preaching sites are popular.
Domestic politics has turned into a race to the bottom to see who can drum up more hate. Stop the crazy spending on elitist education! Make education free for the poor and make the rich pay! Vote for me and I'll buy you ice cream with your own money!!
When I went to university in the 1980s, it cost me a lot of money. I got loans, I worked part-time, I starved, and I wore out my clothes for 6 years (I had duct tape holding my shoes together because i could not afford a new pair). Education is expensive. I still think it's a worthwhile social investment with good returns for all. I'm disappointed that my kids graduated from high school without the chance to learn calculus or linear algebra but they're learning it in university and they have scholarships and bursaries to pay for it that weren't available when I was their age.
Just think about how important subsidizing education is the next time you're sitting in the waiting room at the doctor's office. Ask yourself if the best qualification for someone who is about to perform your DRE is coming from a wealthy family vs. having studied a lot.