Writing at the CCAP blog, Christopher Matgouranis shows how badly the U.S. has oversold college. He gives some Bureau of Labor Statistics data on the prevalence of college degrees among those working in occupations that most high school students could easily learn.
It's worth mentioning that this is not a recent phenomenon either. College grads have been spilling over into "high school jobs" for many years. See, e.g., Pryor and Schaffer's 1999 book Who's Not Working and Why.
Obama wants to substantially increase the number of Americans who get college degrees, but what does he think they'll be doing?