In my father's generation (he was born in 1901)graduation from elementary school meant something; it made you eminently employable.
A generation later (mine; I was born in 1935) completing high school was what you needed to successfully enter the job market.
Today, a college degree, while still necessary, is not enough in itself to ensure that you will succeed in your chosen field. A Master's is considered the minimum for many positions.
When we all get to put Ph.D behind our names, what will it worth, and where do we go from there?