I am not pro-PAP, far from it I am as anti as any others.
But, truth is there would come a time when supply for degree holders far exceeds the demand. We are already seeing signs of this worldwide, where underemployment becomes a trend. When you have people not working in the chosen profession they were trained for, that's underemployment.
Now every mother farther son and their dog also want to get a degree, I suspect such a time might come really soon.
The other side of the coin, is that there are ample examples of well to do people, maybe not billionaires like Bill Gates and Steve Jobs, but multi-millionaires who followed their dreams, lived their passion, and do exceedingly well in their chosen vocation. Many of such people certain do better than the typical run-of-the-mill degree holders who think they got it made simply because they graduate with a good honours degree.
At its best, a degree might help people to get through the doors when looking for a job. But not having one doesn't necessarily keep you outside the door. And certainly thriving in any chosen vocation has very little to do with the quality or quantity of one's paper qualifications.