This assumes that "bachelor's degree" is itself a constant measurement, which out of the context of this particular conversation virtually nobody would agree with. The number of people with "bachelor's degrees" can be going up even as the objective level of education is going down, and even if "the objective level of education" is very difficult to measure.

(There are some people with a "bachelor's degree" that I would consider anti-educated by their college, having gone to school for four years to learn to close their minds with the right invocations of words, despise knowledge, and condemn free inquiry that threatens to upend their ideas. Counting them as "educated" in the statistics doesn't much impress me.)