There's been a wage decline in the UK and apparently we're just hitting the levels in some areas (note some) back to pre 2007 levels. Affordability and wages are not aligned here. In Australia I know that the contracting wages have dropped significantly but I'm unsure about standard wages.
No idea about Canada.
As for degrees. One of the bigger issues lots of people are having currently is graduating with some degree and no positions being available. The other one I've run across in my field is recent grads being hired thinking their going to be 'managing' someone. Not realising that their at the bottom of the heap.
Not sure what these colleges are putting in their heads lately.
Whether someone needs a degree or not depends on many things. A lot is placed on education these days, not that I'm against that, but is it really necessary for all jobs? Is a degree really necessary to make it in the design field that Muessig is in for example? I think if he wanted to run a business or have a good business mindset then yes it's worth it. But I think it isn't going to help his creativity that much unless he went to a well recognised school. What's the point of getting a degree for the heck of it? Get a good portfolio of work and people will seek you out or take risks, like moving to an area where there's more opportunity.
Here in the UK we also have the class issue which is a whole other problem in itself.
since my 810 was better 
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