For the past half century conventional wisdom has been that a four-year college education was a valuable investment, both for personal and professional development. However, during this time the cost of obtaining such a degree has risen far faster than inflation, limiting access and burdening graduates with high debt loads. For the first time in history, 2012 saw the majority of jobless workers 25+ have at least some college education. Have times fundamentally changed, necessitating reforms within the higher education system? Or, does the system still represent a valuable and stable bedrock of society, albeit existing in trying times? What expectations should we have for such a system, and to what extent is it meeting those?