At the end of class last night, I overheard two students discussing job searches. One explained that she applied for a job answering phones. She was informed that she was not qualified, because she did not have a four year college degree. To answer phones?
Unfortunately, I find her story very easy to believe. When workers are in such gross oversupply relative to the number of jobs, employers use credentialism as a way to winnow the pool of applicants. If the economy gets much more Obaminable, I could see a job answering phones requiring a master's degree, just to get the stack of resumes down from 1000 to 100.