"more people have a higher level of education" ... but spend even longer looking for a firm to employ them on what they consider an acceptable "graduate" salary (and will be looking to move on in 2 years, to get a higher salary, from some other firm).
The reduction in elitism is a good idea, but if there are too few 'good' jobs to go round, whether the level of education has gone up or not has not really helped them too much.
Indeed, it might discourage them from taking any form of employment because, having had a higher level of education, some may be more fussy about what they are willing to do.
[ and no, I'm not meaning to suggest some would be better off without higher education, but may find it all the more depressing that despite having studied for some years, they move into a dead-end job and can see nothing better on the horizon.
Sometimes the "university of life" can be a more useful type of education.