Hmmm. . I am the latter. I have a BS in Political Science. If you truly think it has "no objective value whatsoever" then we are in disagreement. The critical thinking, writing and research skills I developed in obtaining that degree have served me well in my career. On the other hand, I didn't take out an ARM to shoehorn myself into a home I couldn't afford. Perhaps that balances out my retarded-ness.
I agree with Prole with respect to education and a functioning democracy. I disagree with the position that he shouldn't have to re-pay his loans. When one signs their name on a contract they have a moral obligation to fulfill the terms (be they borrower or lender). Personal responsibility and social responsibility can co-exist.
There are fields in which one has to obtain "credentials"--e.g. doctor, lawyer, accountant, teacher. Are you arguing that you should be forced to be credentialed to flip burgers?