The value of university education has definitely fallen.  To some extent this has been due to indoctrination of faculty, producing a generation of lemmings who mindlessly follow the "experts". 

A bigger factor is probably the decline in the job market.  College skills simply aren't in demand, and there is a long line of applicants with university degrees and no experience who won't get picked and end up working service sector jobs living with their parents.

30 years ago if you put "Microsoft Office" on your resume, you'd get a sweet job.  I remember my step dad didn't even finish college, knew almost nothing about computers, and somehow had a job as IT manager making $100k a year in 1999.  Of course he got laid off in the dotcom bust a few years later and never recovered.  But damn, if I could make $100k for just one year I would be set.  Fking Boomers, man.