I think the mistake has been that in recent years, while following the chimera of 50% of school leavers going onto university students have been told that a degree WILL get you a good or better job, but it never has and never will. I graduated in 1964 when less than 5% of students went to University and I had friends who worked in shops and cafes for a year at least before getting a job that would provide a career. A degree certainly improves your chances of getting a job but at a time when there is high unemployment there are not enough jobs to go round so there are inevitably going to be many people at all levels of qualification and experience without jobs.
If hospital consultants, teachers, airline pilots and many others with degrees and many years experience and achievement are unemployed and unable to get work it is inevitably going to be harder for those with degrees and no experience and as they take the burger-flipping, drinks-serving jobs, life gets even harder for those without qualifications. the proportion of those without any qualifications without jobs of any kind is far higher than the proportion of graduates.
My degree, back in 1964, was in economics and I can remember that the first essay I wrote in my first term was in answer to the question ' If in a time of high unemployment one person by constant searching can find a job, why cannot everybody who is unemployed?' It answers itself.