You can also get a job first and then get a degree later. You can even study while working (which is difficult, but possible). I did a combination of both to get my CS degree. (Not in the US though).
Having been on both sides of this (getting my first software job at 15, before I had a degree, though with some exposure to theoretical computer science) I would say the knowledge you gain from a good CS program is important. While it is possible to acquire that knowledge without going through a formal program (and more so today) most people don't have the discipline required to do so.
In terms of employability, if you are very good and you have experience I wouldn't anticipate an issue even at tough economic times. There are still advantages to having a degree (e.g. if you're a Canadian who wants to work in the US without a degree good luck getting TN status). If you are not very good the degree can make the difference (and very likely it'll also make you better).
Lastly, "front-end" engineering is just the latest incarnation of the same engineering we've been doing for decades. Just because your code runs in the browser doesn't make it any different. As other people have noted these things will keep changing but the principles don't.
Having been on both sides of this (getting my first software job at 15, before I had a degree, though with some exposure to theoretical computer science) I would say the knowledge you gain from a good CS program is important. While it is possible to acquire that knowledge without going through a formal program (and more so today) most people don't have the discipline required to do so.
In terms of employability, if you are very good and you have experience I wouldn't anticipate an issue even at tough economic times. There are still advantages to having a degree (e.g. if you're a Canadian who wants to work in the US without a degree good luck getting TN status). If you are not very good the degree can make the difference (and very likely it'll also make you better).
Lastly, "front-end" engineering is just the latest incarnation of the same engineering we've been doing for decades. Just because your code runs in the browser doesn't make it any different. As other people have noted these things will keep changing but the principles don't.