Are Too Many People Going To College?

The New York Times reports:

Rather than having a shortage of skills, millions of American workers have more skills than their jobs require. That is particularly true of college-educated people, who make up 30 percent of the population today, up from 10 percent in the 1960's. They often find themselves working in sales or as office administrators, or taking jobs in hotels and restaurants, or becoming carpenters, flight attendants and word processors.

The number of jobs that require a bachelor's degree has indeed been growing, but more slowly than the number of graduates, according to the Labor Department, and that trend is likely to continue through this decade.

Does it make sense for the federal government to artifically subsidize millions of people to go to college when their aren't enough college degree type jobs available in the labor market? Paying higher and higher tuition is probably a bad deal for most.I guess we should never understand underestimate the power of the education lobby.