What happens then is that jobs that used to need a high school diploma will now want folks with a bachelors, bachelors-level entry positions will require masters degrees, and positions requiring a masters will then want PhDs. (This excludes the TSA, which does not require even a high school diploma.)
All it will do is force people either into incredible amounts of debt to the federal government (so we'll be subsidizing this fiasco when they default because they can't find a job that will allow them to pay their loans back), or force them out of the workplace. It will also create a dearth of skilled labor, such as plumbers, electricians, and mechanics--you know, those jobs that make the world move.
As Alison Wolf says in this article,
...degrees are of importance to employers ‘all over the world’. They act ‘as a sort of sifting mechanism’, or as she puts it in Does Education Matter?, ‘a way of ranking, screening and selecting’ people. ‘From an employers’ experience’, she continues, ‘while the degree’s not a perfect indicator, it is useful… they’re using it as a basic IQ test, an indication that people can buckle down and work for three years and to some degree, and sometimes very much, for specific skills.’ That’s why ensuring that as many people have a degree as possible, ‘at the expense of quality if necessary’, is counterproductive: ‘The quickest way to halve the value of a degree overnight is to say, “we don’t care about quality anymore, we’re going for quantity”’, notes Wolf.It's like the Federal government printing money. The more that is printed, the more worthless it is. The meme that a college education will gain you greater financial rewards is a myth that is going to become more apparent as the market is overwhelmed with newly-minted graduates seeking the golden ring they've been promised and coming up with the Golden Arches and a boatload of debt instead.