Are too many students going to college?

Quite a nice question (goes against the popular expectations, which I like).

My answer would be this:

From the perspective of those already who have already done college: YES and NO

More people going to college increases supply, decreases pay - of course this itself is just one facet of the real situation. Another facet is, if there aren't enough people to support an organization, that organization will have to move to a place where there is enough supply to sustain itself. The incumbents might even lose their existing jobs because of that move.

From the perspective of a company or nation: NO

It is critical for the sustenance of a company or a nation, that there be enough 'qualified' people. 50 years ago, high school was quite often qualification enough for the majority of jobs. Because of the advancement of technology, that is not the case anymore. Companies and nations do need more people to go to college to be able to sustain themselves.

"Companies and nations do need more people to go to college to be able to sustain themselves."

No, not quite. Companies/nations need people to go to college and study useful things to be able to sustain themselves. I don't think the number of history majors has a positive impact on the challenges facing today's society.