Absolutely, correlation between college degree and employment does not show any causation between the two. Not only is intelligence a factor in going to school and getting a job, but so is parental income, responsibility, upbringing, etc. If only more journalists had taken a statistics class while they were at college we might not see these same fallacies repeated over and over in the media.
Separating the college group to reflect marks could be a little more interesting, compare under achieving but passing college students to those who didn't attend. Of course there will still be bias but it gives a little better picture on how much smarts plays into it and how much just having the piece of paper plays into it.
