If you're talking purely in terms of the monetary gain via employment then I guess some high paying degrees are worth it, at least for now.
On the other hand if you're talking also in terms of what a youth gains in learning, in life skills, in independent thought, in being resourceful, then I think a college degree is worthless compared to real life experience. One would be better off investing savings into a small business to start with. Given the current economic climate why would anyone decide to work for a company, to put one's fate into someone else providing a job.
The reality is still that, regardless whether one has a degree, the world does not owe anyone a job. The only thing college prepares a youth for is to work for a company, to be an employee, to be dependant. The idea of living in a cocoon for four years and suddenly expecting the world to provide one with a living is close to insane, and disconnected with reality. Only if the youth today understood this, I expensive college education would not exist for most professions.