That's correct, but college has been dumbed down by relaxing admission requirements and by grade inflation. Having a degree these days is not the indication of some higher level of educational accomplishment it once was.
Still, we have politicians going around saying everyone should be able to go to college, and even that it should be free. Murray is right about this and most things he says. There are many jobs, particularly in marketing and sales, that now require college degrees, but did not twenty or thirty years ago.