I do think university degrees need to be more streamlined and specific and a lot of the old modalities need to be done away with. We go to college to get jobs. Yes, it is good to learn as much as you can and acquire knowledge, but with American colleges? That's expensive.
It would be nice if college actually taught people how to enter the workforce. Instead it teaches your mind how think and problem solve. Isn't that what high school is supposed to teach? Most people forget what they learned in college after a couple of years anyway. The price just does not add up to what people are getting out of college.
Shortening university degrees by two years would mean that students couldn't take anything outside of their major - and any who were planning on going to graduate school would be completely unprepared. While the cost argument is certainly valid, it seems that the current system in the US - of going to community college for two years - manages to lower the cost without sacrificing the depth or breadth of education.
University degrees should not be shortened to two years. This is because there are already degrees that are two years in length -- the Associate's Degree. Some would argue for then shortening the terms of these degrees as well, but some of these degrees are technical or scientific and they could not easily be shortened. Bachelor degrees remain four years for a reason. Learning is a gradual process. Rushing it makes it less effective.
I do not believe university degrees should be shortened to two years. Doing so would not benefit anyone as there are already several 2-year track programs that yield associates degrees. I do not believe a student can obtain four years worth of education simply because they are attending a university, nor do I think there is any reason to change bachelor programs to make them shorter.