Is college the new high school?

It seems like most people are expected to go to college if they want a decent job. whereas that used to be true for high school. With the lowering of expectations, high schools have gotten easier, with higher GPAs despite no particular rise in SAT scores, causing a similar lowering of expectation in colleges. And now many kids get to college expecting a four year bacchanalia, almost as a right of passage.

If college is the new high school, is grad school the new undergrad?