College degrees needed? Watch what employers do, not what they say

Do you need a college degree to get ahead today?  Two recent headlines caught my eye.  In each case an enterprising reporter or academic does a survey of employers.

Exhibit A: WSJ reports the results of a US Labor Department survey which finds that less than 20% of all jobs require a college degree.  So maybe college is a waste of time??

Exhibit B: Harvard B-school prof Joseph Fuller finds in his survey that employers are requiring college degrees not so much because the current job requires college level skills but because college grads are more adaptable and do not require training.

A college degree continues to be one of the best investments that young people can make, leading to a lifetime learning differential 55-65% above those who stop their schooling at high school.  Are employers so stupid that they would pay that much more for nothing?  Beware the cable channel talking heads proclaiming that college is a waste of time and money.