Anyone going into debt thinking that it will make them more employable (or intelligent) is yet another case of social Darwinism in action.
to paraphrase Mr Carlin' 'Any employer that took a degree as a sign of intelligence, is not an employer I'd want to work for'.
(medicine, law, or the sciences not included)
Agree with your sentiments, sadly today too many corporate companies expect that degree, even after years of working in your profession, piece of paper over here takes you a little further.
On the other hand we have many with degrees sitting on pavements looking for menial labour never being given an opportunity in corporate world.
Degree still does not mean you are able to problem solve, it really is walking a thin line between knowledge and experience....