Bright Future: Degree or Skill?

Degrees these days are left nothing more than just a useless piece of paper. In Pakistan millions of students graduate every year but only few thousand get jobs in the required fields and others just keep submitting CVs into offices and never get called up for the interviews. No degree can guarantee a good future because it is not the degree that can give a bright future but skill. Skill is something what a person can really do while a degree is just a piece of paper given by the institution.
Unemployment has become a big question for the whole world. In Pakistan government jobs are only created to benefit close aids of bureaucrats and politicians. In Islamabad, a job seeker attempted suicide due to unemployment. Seems like degrees have no value anymore.