Say a degree in English. The point is not that it's not relevant in this day and age. The point is that we don't want as many people graduating with the degree. There's an estimated 1.5M people with that degree out there in the world, with about 60k new graduates being added to the pool every year. If the college has to choose between 1% of the salary of a doctor or say 1% of the salary someone who works in retail, the college would choose the former. Not all colleges would cull their programs, because there would still be a need for that degree in certain professions. It would just better align colleges with the market, ensuring you have a quality ROI if you choose to go for a college degree.