>> inability to pick a useless major
I agree with the sentiment though, that (in general) an Arts degree (or whatever) alone it's not enough to sustain a career.
I just think it's an important part of a balanced education, and that overall society is better off having more engagement with the arts, language, history, philosophy, cosmology, theoretical physics, category theory, linguistics, anthropology, etc.
As I said elsewhere, prioritising vocational education is fine to some extent, but to do so by crippling participation in the Arts by making those qualifications prohibitively expensive (by not providing loans) is a mistake.
It is a luxury of sorts, but not in the frivolous sense. As I see it, it's not so much a problem of optimising higher education for career payoff, but restructuring/regulating education to make it more accessible (both to encourage participation in a wider range of subjects, and to facilitate career change).