I was a teenager once myself, and I was surrounded by teenagers. What's more insightful than that?
It's probably the weed, among the other stupefying bad habits idle people enjoy to pass their time, while wondering why people engaged in actual useful pursuits are more successful and financially secured than they are.
I, like most everyone else who went to college had student debts, if you seek a degree that's in demand, you'll be able to pay off that debt, if you take photography, or female studies, then don't expect to pay off your debts. In other words, if you did what previous generations did and went to university to acquire the knowledge to get gainful employment instead of the cliché modern invention of "finding oneself", you'll be alright. I know everyone told you you were special, but that doesn't matter, it's what you do, rather than who you are, that is of any actual value to people.
Also what evidence do you have to suggest that people in the past didn't get degrees in liberal arts? Hell, in the past you could get a decent job with a bachelor's in anything. Or even with no degree at all. That time is gone. You're wrong to suggest that people in the past got degrees in only the most sought after fields. They very often didn't. Unless you have proof otherwise.
A little over a hundred years ago, Ambrose Bierce wrote: Imagine what'd he'd have to say now...
You know who doesn't treat university like it's one giant orgy? Indians and Chinese. You want to know who's going to make up the professional class in the years to come, and the majority of high earners?
I'm pro-American, in case you get the wrong impression, I just find it really sad how far it's fallen.