I got my degree in Computer Science in 1998. Despite computer related fields being probably the most rapidly changing fields in existence, I would have had a very difficult time getting a decent paying job without that degree. Even with experience, employers like to see that degree on your resume and often list it as a requirement. Things aren't so different now in that regard. As far as the quality of the education, it was beneficial but it was also stuff that I could have learned on my own. However, a degree is more about having proof that you learned it (at least in theory). It isn't as if you need a piece of paper to prove to yourself you know something. As far as job stability, my first job lasted almost 11 years and my second is at 8 years and counting, both software engineering. I did get my master's degree paid for by my previous employer.
It's one thing to argue that the education system as it exists today is less than ideal but it is a different thing to argue that it is in someone's best interest not to participate. It depends what you want to do and for many professional careers a degree is very beneficial or an absolute requirement when it comes to actually getting a job.
In my area short term certifications in networking can get you tech support jobs at the local call centers. The issue is everyone knows this so more people then needed rack up debt to try and get into the those call centers that hire anyone with the right certs and will on the job train them.
The issue is further compounded by the massive decrease in salary being paid. What they use to pay people 70k two years ago is now 40k-50k. Once these people are let go after about 1-2 years because they can hire much cheaper labor they are forced to relocate to bigger and more expensive cities. They then run into the issue of having to drive about 1 hour to be able to afford the cost of living while making if they are hired on as tier 2 supports 60-70k. They usually struggle to pay off their 1-2 years’ worth of certification costs as they were not expecting to have to relocate as soon. On top of that what employers use to pay for relocation is around half these days. Last I heard the last batch was mostly laid off after 6 months after relocating because they replaced them with cheaper labor.
Sure some know this and get promoted ahead of the curve knowing they are on borrowed time.
A degree in 1990’s it a lot different than one in the 2010’s. College costs are out of control and if you don’t have a contact to land you that first job it’s a very large risk to take. I have a few friends who went different route around the country from computer networking, nursing, and business administration. Also a few things I don’t know how they thought it would ever work out in the first place. Majority are behind on loan payments working multiple near minimum wage jobs with a family to support.
I myself am taking some classes in 2018 for something else. If I fail to acquire job in that related filed afterword’s in 6 months (companies these days focus on recent grads only)I’m fine with that as the debt will be almost non-existent. If it works out then I’ll be doing what any smart person does and that is have the employer pay part or full costs to work towards a master’s degree. Only if I manage to stay long enough to make it happen. Which I expect to require 7 promotions in 4 years with the possibly of having to relocate twice.
Is it worth it? Depends if you get far enough fast enough. You have quite a number of years of experience and cross training as a backbone. The rest of us are just trying paddle up the river before we are washed away.
I don't think a degree is all that different now than it was in 1998. You still need one for certain professions. I can speak of my own field better than others but large companies in particular are always looking for cheaper new grads. Yes, you then have to advance your skills and perform or you will be replaced by those same cheaper new grads a few years later who can do the same thing and cost less. The world has always been this way (in the U.S. anyway). As far as costs, as I mentioned elsewhere, a four year state college degree can be had for as little as $17,000 (in Florida...I'm sure costs vary state to state). Not cheap (a little more than double what my degree cost in 1998) but it's also not going to saddle you with a lifetime of debt. In my observation, a college degree is worth more than certifications in the long run. Certifications are more helpful if you have a degree in some related field.
In a market economy (which we have some semblance of), the labor market is subject to supply and demand like everything else. If there is an overabundance of people with certain qualifications then the cost of that labor will go down. This is nothing new.
Many career choice offer alternate paths. However, just to use nursing as an example, you will be in higher demand and have more job opportunities if you get a nursing degree and become an RN than if you take other paths though it may be beneficial to start along another path (e.g. get certified in phlebotomy and become a phlebotomist (costs about $1000 where I am) then work on your RN degree).
I don't think 6 months without finding a job is really going to impact your job prospects though it might be better to say "I wanted to take a little time off before starting a new career" than "I couldn't find a job" to a prospective employer. If it's been several years that might be another story. I was lucky and had a job offer before graduating but that was during the dot-com bubble. Luck will always play some part. How the economy is when you graduate and that sort of thing.
In my case, with 20 years of experience, another degree (unless maybe I'm trying to completely change career fields or getting a PHD for a specific purpose) is probably not useful. Though further certification might be. The trick is identifying where the demand is now and where it will be in a few years. Computer forensics? Cybersecurity? Something else? Nursing and medicine in general are probably pretty safe long term bets but if that's not something that interests you then it isn't helpful. Liking your job is very important, at least in the long run.
It probably isn't a good idea to get a six year degree right out of the gate. I never even considered that. With some exceptions (medicine, law), a four year degree will get you what you need to find a job (depending on how wisely you chose of course). Then you can pursue that masters degree or perhaps certification, preferably with your employer paying for it but if not, then you at least have an income.
Ok, this is sort of a rambling response but my original point is only that, depending on your career choice, regardless of the immediate state of the economy, a degree is going to be very helpful or an absolute necessity to get a job when you have little or no experience.