What is the true value of a modern PhD degree?

Considering the slim opportunities in academia these days as well as the poor financial health of many academic institutions, what is the real value of a basic research oriented advanced degree such as the PhD? Furthermore, are many (most) college degrees essentially useless? It seems these credentials are only valuable relative to the competition. It seems most practical skills can be taught in a professional Master’s program and much of the expensive content of a Bachelor’s degree goes unused or quickly forgotten.