No one ever oversold college to me. Liberal arts education went precisely as my professors described, with precisely the economic and social benefits they predicted. No professor, no advisor, no student, no parent, no media outlet ever stated that a liberal arts degree was the path to financial success. At worst, the media has depicted having a college degree as more important than what that degree is in, which remains true. The utility of the paper itself remains quite high.
If we have a STEM graduation problem, I place the blame squarely where it belongs: on STEM departments. I watched as engineering majors routinely failed out, destroyed by calculus-based physics in the first year or thermodynamics in the second. Half our ranks in art history were culled from that group; the successful engineers usually had prior background. That learning curve is often too steep given our secondary education system. The courses demand an amount of time inconsistent with the experience of the average student; coming from the right hand of the SAT distribution, they often did not need to put much work into high school. If we want to increase graduation into STEM fields, we need to redesign our education system taking this objective and the preparation of our students into account.
It is a failure if the best we can do for $100,000 is turn mediocre hackers into programmers, obsessive tinkerers into engineers.