James Stanfield's brief article in Times Higher Education on his recently published ASI report The Broken University (download PDF here) tells it like it is. There is no, repeat no empirical evidence that the massification of higher education provides any economic benefit to society.
The subsidy of higher education, of which I was a full beneficiary, is a regressive tax on the less fortunate for the benefit of those already blessed with the advantage of above average intellectual ability, usually nurtured by good parenting and schooling.
It is indefensible. Yet the greatest beneficiaries of the massification of higher education have been the leftists who infest the pseudo-scientific university departments. So, not just tapeworms, but knowingly evil hypocrites as well.