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even if more singaporeans with degree are unemployed, you will be shocked that more foreigners with degrees are being employed in singapore.

Er the data is for 18-24 years old, 
Male Sporeans serve NS, those study U would not graduated before 24. 43% get into public U.
In recent years China also increase U slots but mostly in non engineering trade, these are hard to get employment. 
Their problems are much worse than ours but seriously some European countries have similar numbers.  It would not collapse really.

However I agree foreign male degrees in Sg have unfair advantage against Sporean males.
They have head start and need no reservist to worry, will assist them till late 30s. 
Opportunities once gone will not come back.