Well, I was one of the 90K people who graduated with performing a performing arts (classical guitar performance) degree in 2008. The culture when you get through with an undergrad performing artist degree is not, "go out into the world and work!" it's more along the lines of, "go back to school and get more degrees in an attempt to stay in school longer by working in academia." I know this because I fell into it. A masters of music degree and a year of doctoral school later, I quit. While I don't regret my time in school, I certainly don't use any of the specific skills learned there.
There's this entire culture among artists where staying in a school environment is the ultimate goal. Artists are entirely capable of driving economic growth and doing really well for themselves, but the skills they get in school are more related to staying in school than making a living outside of it. That's really where the arts are oversold: "Come to my school and you'll be good enough afterward to make a living doing exactly what you love!" The reality is a lot more harsh, a fact never shared with students.