No, it's an economic one.
> I have a liberal arts degree from an "elite private university".
Ok. Let's make the assumption that you're at least moderately intelligent and would be able to get a job for 40K from the bat.
40K * 4 = 160K
College tuition is 40K itself at an "elite private university". Then you add living expenses, books, food, etc. and you have another 25K. That's 65K.
65K * 4 = 260K
160K + 260K = 420K
Yup. Half a mil to learn about Poetry Writing. Sorry, but that's just silly.
I would much rather my kid spend his time working in a small business and learning about entrepreneurship hands-on, than pissing away untold fortunes to sleep in a class about poetry. You can slip the kid some Robert Frost after work.
Trust me, if he has an inquisitive mind, he'll explore all the weird and strange subjects on his own time. With the internet, he can even be challenged by greater minds.
The best argument for college is the social environment, which can't be replicated outside of it. Not education. The kids get that. That's why they don't go to class.