Are We Fucked?

"In 1970, 79 percent said their goal was developing a meaningful philosophy of life. By 2005, 75 percent said their primary objective was to be financially very well off."

The next to last line of a story in the NY Times today. Casually thrown out, without much thought (and, in fact, used more to illustrate a point about the growth of the upper-middle class).

Is this a sign of social degradation or evidence that having a college education is no longer the sole province of an already rich upper crust, that really didn't need the degree to begin with? (Which would, in part, explain the lower "value" of such degrees).