The analysis neglects one major point: a lot of people got degrees in the humanities and arts: dual majors in English literature and history, or sociology and psychology... what are you going to engineer with that? Engineering requires physics, mathematics, molecular biology, chemistry, material science, higher logic and cognitive capacity... English literature won't help too much with finding a new tensile strength…
I've always thought the smartest people study humanities, and this post just confirmed how dumb the engineering mindset can be.
Those who do not study history, and do not learn from it (as is ironically often the case with history majors) are doomed to repeat it, and re-invent it, poorly.
Still, engineering mindset aside, how do you explain that so many people with college degrees are poor, while the engineers don't feel that pain?