Mike Johnson will argue that it is the result of a lack of private sector management and discipline. However, I think that the real answer is that there has been an increase in demand for higher education as the public increasingly realizes that a college education is increasingly important for success in the 21st Century, combined with the fact that there has been an expansion and (perhaps) overabundance of private and public student loans over the last 10-15 years. As a result, colleges and universities have been able to raise tuition without facing traditional market pressures, because students are willing to fund their demand for higher education with a nearly limitless supply of student loan debt. A strong case can be made that we are in the midst of a student loan bubble.
I'll disagree slightly with the first half of your statement. I think specialized knowledge, moreso than a "college education," is increasingly important in the 21st Century. There are many in demand jobs (even in this economy) that don't require a college degree necessarily, but perhaps a stint in trade or vocational school. I'm thinking skilled manufacturing trades or technical/technology specialties. I think some people treat college as the new high school, where as long as you get the degree, you're in good shape for getting a job. They forget that along the way you're supposed to learn something that sets you apart from the competition.
But I think you've got something there with the second half of your statement. There's that old saying about corellation and causation, but you can pretty much chart the skyrocketing of higher education costs and the availability of student loans, and the two charts will line up perfectly with each other. It's a bubble that needs to burst, but we've made it next to impossible to discharge student loans in bankruptcy, so student lenders have very little risk exposure.
My question is why don't we hold the FinAid counselors responsible for advising these students (and their parents) to take on all this debt? Many students are sold a lie when they're told to borrow--only to find out upon graduation that those income figures don't quite line up with what they were told they could expect. It's not quite a Ponzi scheme, but it might be the closest legal equivalent this side of Social Security.