Has the decline of knowledge work begun?

Bachelor Degrees need a complete rethink, it was basically modified finishing school for rich capital owners, needing to make their children of proper class before they could take over their businesses.

It then became a vocational degree for the working class, despite being completely detached from useful skills for a wide swathes of degrees. The only value is that you could talk the talk and become a member of the professional managerial class if you impressed the right hiring committee/individual.

In spite of this, we decided the working class should take out crippling loans to pay for this degree, and be in debt for the rest of their working life.

It's not sustainable, and just forgiving the debt only will make it all more expensive and less aligned with actual results we desire (useful workers).

> we decided the working class should take out crippling loans to pay for this degree

Historical point you've completely missed. You used to be able to declare bankruptcy and discharge this debt until very recently. This was not "decided" this was a trap sprung on the working class at a time when blue collar labor was almost entirely off shored.

> and just forgiving the debt only will make it all more expensive

That's why you discharge the debt instead. This is an institutional failure. They knowingly pumped a market at tax payer expense. The hair cut is theirs to take.