Doubts over a college degree

Due to a bad economy and soaring college costs, doubts have started to creep up regarding the value of going after a college degree. I can understand the situation (since I have an MBA but have never been able to utilize it) and I also understand the frustration of the parents and the students who take out huge student loans in anticipation that a college degree, as hyped by everybody, will be ticket to success and riches and eventually a job once they complete it and then able to pay off their students loans, have not actually realized as promised by many. Now the question is what type of college degree does the market demands. As everybody knows (or chose not to know) not every college degree is created equal. Some pays you more than others and some are more in demand than others. Then there is the case that college degrees have become so common that people will college degrees are working on positions that require high school diploma. As you know that everybody has to pay their bills and so these college graduates are working in whatever jobs they can get but it makes up a pretty frustrated lot. I know that some people go after their passion and pursue majors which do not have a demand in the market and then complains start pouring in that college degree is not worth all the debts and hype that was promised. But are the complains really that addressable and should the entire fault be placed on the public and not on individual responsibility (which is always missing somewhere)?