I think the more important question is how many college grads actually benefit from their education (modified words italicized). A degree in, say, forestry should still be useful for someone working in sales because of the experience dealing with diverse opinions, processing new information, and studying a range of subjects.

This is anecdotal, and not a very controversial opinion, but many people in my family and group of friends are sociology majors. After watching them grow and knowing them pre and post degree, I can without a doubt say that education is beneficial. What you learn is unimportant. Becoming acquainted with the process of learning is the true benefit of education.

I agree that the college angle adds unnecessary assumptions to the argument. It would probably be easier to agree on "young adults ready to enter the work force". Especially given the tremendous value many drop outs are adding.