I think you have to distinguish between degrees

issued by upper echelon schools, and those issued by lower tier institutions.

Students at upper echelon schools are smart as hell to begin with. Regardless of their degree, they can find their way in the world, and likely thrive.

But the best a student can do is to get into a Cal State school, for instance, they're far better off pursuing a 'trade' degree (i.e., accounting, hotel management, teaching, etc.) then a liberal arts degree, at least in instances where they have to borrow the money to attend. Students attending on their parents dime are a different story.