https://www.forbes.com/sites/prestoncooper2/2018/06/08/underemployment-persists-throughout-college-graduates-careers/#3bff48647490 Was it Smedley Butler who said that education is a racket? I know that I've said it. Taking all with a grain, this is believable enough.
I bet most of these people are Millennials who graduated during the Great Recession. They had to settle for jobs that didn't require a degree, so that put them behind in years of professional experience. One of the reasons why I moved to Austin is because they had a lot more entry-level jobs requiring a degree. One thing that's not mentioned is that people with degrees are displacing people without degrees.