Are College Degrees just pieces of paper?

This morning I squinted my way through this  and must admit I am not surprised. http://online.wsj.com/article/SB10001424052970203733504577026212798573518.html
Especially the reference to the general unpreparedness of High School graduates for higher education studies' demands.
But as I read about like problems in other parts of the world as well, does it not point to a common thread in education and/or students' attitudes?
A choice of the lesser road taken?

Ah, well. Just another subject that sorta bugs me.