I have heard this rhetoric before, but don't short a college ed just yet.
I think he is right that most people would do better to go out and get a real job (If any are available these days!) than just go to university and party, drink and spin their wheels for four years with a bogus degree and a mountain of debt.
But, you can still focus on getting a quality education and degree in the fields that are either in high demand or where all the money is being diverted into these days including medical, education, govt, nanotechnology/software etc. You just have to sit down and do your homework and really think about IF your high paid degree will actually get you any return in the long run. But, even then, you better really think about paying way too much for that degree to begin with.
Local schools, community college, night classes, on-line courses, off-campus classes,etc there's a lot of alternatives than just going to a big name university, staying on campus and shelling out tens (hundreds?) of thousands for the same education you might get for half the price and worth twice the value.
I don't know, I'm much older than those either in college or looking into it but I don't want to write off a good education just yet. It almost seems that's what a lot financial "experts" seem to be hinting at but then again maybe the elite just don't anyone competeing with them either, I don't know. Everyone will have to make their decision on their specific situation but you might not want to throw out the baby with the bathwater, in other words, not all college is worthless and not all of it should put you in a mountain of debt, only if you let it.
Of course, you could always join the military for a few years and get a free ride when you get out, but then again, you also taking a chance there as well.
To all you younger people, you should really do a lot of researching and praying and get all the advice you can before you make that serious move for the rest of your life.
Good luck and Godspeed.