One issue we're facing in the U.S. is the devaluation of the college degree. Jobs that kids used to take right out of high school are requiring bachelors degrees and certificates. For example, in Chesterfield County, a bachelors degree is required to be promoted to an officer in the fire department, and it is preferred on hiring. This has put lots of people who would make great firefighters in the position of having to spend time and money getting a college degree, when they could be out in the work force, gaining experience. Elementary school teachers are now required to continue their education to an MA, and high school teachers are no longer hired without one.

What this is producing in our society is a gap between good, well rounded higher education and the need to produce graduates as quickly as possible. When the ultimate goal of university becomes job attainment, the university becomes merely a training ground for a particular industry, and any "superfluous" knowledge, such as art history, the study of culture and philosophy, or health education, is pushed aside. Students who are versed in liberal arts must continue to increase the number of years they stay in school to compete with the rising numbers of more specialized graduates. In addition, student loans and default is growing exponentially as more job seekers desperately borrow money to get their degrees.

Job training could be more effectively handled with much less cost by growing the private sector's internship programs.  Government subsidies to companies that offer low paid internships would allow better, more specific training for students who would not only learn their trade, but make professional contacts and get real on-the-job experience, too.  Instead of coming out of training in debt, they would provide a service to industry and make a small salary.
 http://en.wikipedia.org/wiki/Internship