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Vaniver comments on Rationality Quotes November 2011 - Less Wrong
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The problem is that "college" is not an atomic thing. If you break it down by major, some are very much not worth the money and time, while others are very much worth the money and time. I mean, check out Table 7: computer software engineers with a bachelor's degree have twice the lifetime earnings of teachers with a bachelor's degree, who themselves barely earn more than the average person with "some college."
And so when you hear that the number of people seeking journalism degrees is growing, you start to wonder if those people don't know that journalism is a collapsing field, or if they don't care.
A person enrolling in an architecture degree program in 2004 probably estimated that their employment prospects were quite good. Too bad said person graduated in 2008. Predicting job prospects at the moment of matriculation is a ticklish thing.