Not all colleges cost $40K per year, and community college is a low-cost way to get the general ed requirements out of the way. There’s no reason to pay $10K to 40K per year for English 101 and Math 112 classes at a university when you can do it for $4k at a CC.
You don’t have to go to MIT to get a good job. You just have to work hard and be serious about learning. I know this first hand.
Employers sometimes require college degrees (or say they do) as nothing more than a check box for HR. Industry experience should ALWAYS be the determining factor in hiring and if it isn't it's probably because they have too many applicants. It's unfortunate there is no way to quantify experience objectively and rely on a persons education last (especially when you are talking about Sr. level applicants).
I can tell you a degree in comp sci from 20 years ago would be worthless without a distinguished list of accomplishments to back it up. When it comes to the “noobs” out of college, with no experience, it becomes “who went to the best college” and that smacks of elitist privilege.
As for job creators, there needs to be a method of incubation that shields investors and entrepreneurs from predatory corporations who use lawyers as a weapon. Tax incentives should be liberal in their application for start ups unaffiliated with established market leaders. Corporations that spin off units as start ups should also get some kind of preferential tax treatment but not to the level of the individual risk takers (their funds are not limitless).