There is not enough substance behind a degree to warrant the ubiquitous belief that a stint in higher education is a "sine qua non" for success in America. While college diplomas may translate into higher-paying jobs for some, high school signifies little in the way of education these days, so jaded employers' estimates of the real value of bachelors degrees mean that students are paying huge tuitions to qualify for entry-level jobs. To boot, graduates generally cannot read or write very well. Our observer laments the diminishing returns and the headlong pursuit of increasingly meaningless sheepskins for everyone. (Contains 53 notes.)