The job market has an emerging problem, which could get worse if the economy doesn't improve. Employers are increasingly adding more and more experience requirements to their job descriptions. Entry level jobs are now up to 2-3 years of "relevant" experience. Many blogs and recruiters confirm this in their articles and personel experience.
There are a number of reasons for this. The most glaring that I can see is that the job market is a lot worse than the folks at the Federal Bureau of Employment would have you think. Incomes are going down because highly experienced proffessionals are having to accept jobs way below their level. Companies see this as an opportunity and add experience to attract overqualified applicants. These professionals are willing to take reduced level salaries just to stay on top of their bills and not go bankrupt. As many as 50% of America is now considered underemployed.
I see this affecting college graduates in the future. When companies start barring college graduates from their workforce, new ideas and modern business management methodologies do not get implemented. Some of it is fear of change in senior management that does not want their old methods of managing their business to be supplanted by modern methods.
In the end, job skills can be learned rather quickly by someone that develops their analytical skills through formal education. While it is true that some great leaders have limited educational backgrounds, the reverse is true as well. There are many educated people that can do a better job than someone who has many years experience using old ways of doing things.