I know that is the argument put forward, but it has quite a bit of pipe dream in it as well. I guess no method is going to work perfectly. It does seem that there is a gradual recognition that learned skills in trades and service vocations is getting more attention. If the higher education institutions were more focused on skills that truly get applied that utopian concept might show more results. Fact is some of the majors that graduates pursue just don't have real market value.
Look at the number of students who graduate or even fail to graduate with mountainous debt. Is it realistic to say value received is near dollars owed? I frankly feel we are kidding ourselves if we subscribe to that concept.
I don't think it's a pipe dream, I think it's reality. Our nations benefit all the time from educated individuals. I think we ought to make sure we're talking about the same thing. Most college education is what might be described as book learning. This is useful, it had bred generations of individuals who have had jobs, had families, and so on. Then there is a whole other approach, it's still education, but it's more hands-on and practical. I'm talking bricklayers, carpenters, plumbers, mechanics, machine workers, and so on. These are people who learn, but learn in a different way.
I'd agree with you that there might be a problem in younger education. That is, until the age of 16. There wasn't much education in terms of the trades, it was all focused on book learning. Also, those trades tend to rely on hands on working, often known as apprenticeships, and sadly they've become hard to come by. We had a scheme in the UK, back in the 1980's, where the government would pay kids to go work on the trades and learn, usually on a fixed term basis. The employer paid virtually nothing for the help. It might have worked out if only people truly had good intentions. Sadly, companies would take the cheap labor, have them for the allotted time, and then fire them in order to bring in more cheap labor.
As I stated earlier, there doesn't have to be a direct correlation between the subject studied, and a specific job. Every student who graduates ought to be able to read, write, do math, communicate, and so on. AND - learn more. That's the essence of it.
The debt thing is a problem, but it's heinous nature of the system that preys upon young people.