College is not working - by the time kids graduate most of what they 'learned' in the classroom is outdated. College if anything is just a good place to gain 'social experiences'.
That's ridiculous when applied to college education in general. Do you really think that history, mechanical engineering or business majors graduate only to find that their education is rendered uselessly out of date?
Exactly. Out of date information may perhaps plague trade schools (I kind of doubt it there too..) but in a proper curriculum in a university it's total popular myth rubbish.
You are misunderstanding what college is intended to accomplish. The goal is to teach students how to teach themselves. This knowledge doesn't become outdated, and ensures that students never have to allow their other knowledge to become outdated as well.