Yes, that is right. In this global economy, a diploma no longer sets you apart. Professionals in the US no longer compete with local experts but with international experts whose cost of living is lower than ours.
Don't believe me?
Do a search on freelancer sites such as Upwork and you will see bids that can barely get you through a couple of days in the US. These international experts can outbid us anytime. They will gladly develop an application for $300 or less. The global economy has changed, and you must accept it. There is no point wasting energy looking for someone to blame. You must adapt to your new reality or go hungry.
The truth is this, stating what you know is no longer enough. To compete, you must show what you know.
Let me explain what I mean,
Show your work in progress
I'm sure you have a side project. It may not be ready for showtime, but that should not stop you from sharing your struggles. When you share your Work-in-Progress, it puts you in a position as an expert. You may have the answer to a problem a company or a developer is currently struggling with. Who knows, they may ask for your help.
Setup a blog, focus on a topic and start teaching. Do it through posts, videos, etc. Teach us about Design Patterns, Data Structures, C++ or new programming languages like Swift. If you can, answer questions on Quora.
There is no better way to demonstrate what you know than by teaching it. It provides concrete proof to employers that you are an expert. It sets you apart from other candidates.
Think like an artist
What do all artist have in common? They all have a portfolio; they show their work.
Call me nuts, but I think coders are artists. We make 0's and 1's do very impressive things.
If you don't want to blog or show what you are working on, then show proof of what you are capable. Collaborate to open source projects on Github or showcase your work on CodePen.
A diploma no longer sets you apart. What you know is only worth 50%, the other 50% is self-promotion.
So, go ahead, show us your code.