You're right. A few years back our company tried for months to hire someone who could read blue prints. People applied and were interviewed wanting the moon simply because they had a "BS" degree.
Finally, we hired a Yale graduate who majored in Architecture and design. 90 days into the hire, we learned that he did not even know how to read blue prints, let alone know how to do a material take off from them.
Over the years we found that more often than not, the universities were churning out degreed grads the way the public schools were churning out diplomas to kids who can't read. And the universities convince the grads that once they have that "degree," they were worth their salary demands without a clue to the reality of the job world they were entering.
It was at this point we determined that the "BS" degree had more than one meaning.
So true. I admit that my college ed didn't prepare me 100% for an entry level job, but that was mainly my fault. I do give credit to the program I was in, however, because the education focused on research rather than job skills (so its not like they didn't teach us anything).