I have no idea where those statistics come from, or what 'correctly analysing prose' means.
But what I can tell you is that empirical work on what happens to people in life depending on their level of education shows that a degree is pretty much the most important thing you can have in the contemporary labour market, and that the influence that having a degree has on the rest of your life is enormous.
I work on a longitudinal research project which tracked a large cohort of young people from when they left school fifteen years ago to now, when they are in their mid thirties. We measured their parents socioeconomic status and level of education, and tracked them through their various education pathways and into the various jobs they've had. We sent them a survey, and interviewed a selection of them, every year. The biggest difference in the study is that between those who got a degree and those who didn't.
People with degrees get better jobs, with higher salaries. The difference is both with regards to income, and with regards to stability. Stability is incredibly important, particularly if you want to buy a house or have children. People with degrees have much, much more stable employment situations, ie, they are more likely to be working in permanent, full time, career jobs with benefits like sick leave, parental leave, etc. This also means that they can afford to buy and pay off a house, another source of stability so long as you can afford it.
People with degrees report higher levels of physical and mental health, happiness and overall wellbeing (and this reflects national statistics on health as well - education is a very good predictor of overall health, probably because of its connection to socioeconomic status). In interviews, people with degrees also have different outlooks on life. They are more optimistic, and see the world as their oyster, full of opportunities. This is because their educational capital gives them the flexibility to deal with a rapidly changing job market, as well as the knowledge to understand when and how to move jobs.
People without degrees earn less, have more unstable jobs, more and longer periods of unemployment, are less likely to buy a house, report lower levels of physical and mental health and happiness, and have more trouble balancing different priorities in life (work, family etc) because of their instability and low income. They are also less able to deal with social change, for example if there is not much employment in the local area they are less likely to be able to move out of that area, because they have less transferrable skills, less flexibility, and less money.
The differences are absolutely stark. Education is pretty much the most important way of getting a stable foothold on life. It's the way that class differences get reproduced, and it's the most important method of social mobility for those who come from disadvantaged backgrounds.
The idea that a university education is a waste of time is a complete fabrication. It just isn't true, and it reflects an attitude more suited to a labour market which no longer exists than to contemporary social conditions. Fifty years ago a working class male could leave school at 16 and get a stable job that would allow them to eventually buy a house and have children. This is not the case any more. The labour market has changed dramatically over the last few decades. Those without degrees are more likely to wind up in the 'secondary labour market': low paid, insecure, casual employment with no benefits and no transferable skills.
This rubbishing of higher education is just willful ignorance, and passing it on to young people will mean they have less of a chance in the future.
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