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You certainly don't need a degree to be smart. Bill Gates is proof of that, but then again Bill did go to Harvard and is a genius and started his own company. 99% of the people are not Bill Gates.
What this article does not take into consideration are 2 things in my estimation.
1. There are companies and jobs out there that have a requirement for a degree. If you do not have a degree you simply will not pass through the HR resume NAZIs. In this day of increased competition for jobs you need every single box checked just to get invited to the dance.
2. The long term salaries are clearly not adjusted for. People with 15-20 years in a particular field who are upwardly mobile are doing far better than the statistics would bear out. I work in the software field. The stats would show averages at about 50-70k, however, my experience is that is the starting point in the high tech space. At my company the average salary is easily over 100k.
I would never recommend that someone put themselves at a disadvantage by not having a degree. It is not a guarantee to intelligence, riches, or even a job. But, it is a necessity, unless you are the type that can start and run your own business.
In this day and age of globalization we need "MORE" educated people, not less. People graduating college today are competing against people from overseas for that same job. Companies will invest where the talent-cost benefits come from. We don't need liberal arts majors, we need engineers, medical experts, financial experts and scientists.
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