Why do you assume that there would be no expansion of supply?
If there are more students going to college, then colleges would need to increase their supply. New ones would have to open, and existing ones would learn to teach more students.
We manage this for 13 years of each child’s life. Why are another 2-4 years impossible?
I don’t think that we should be paying for private schools, just as we do not pay for them in K-12.
Maybe you encourage more people to do 2 year degrees. When I was in HS, a 2 year degree was considered only slightly better than dropping out of school.
Many 2 year degrees allow you to move on to a 4 year degree.
So, rather than most students going directly to a 4 year college, they could go to a 2 year, and if they graduate from that, and want to continue, then they can. Seems that would save a bunch, in not putting people in 4 year colleges that don’t belong there.
And, just as there are private schools for k-12, people can pay to go to private colleges, if they want to.
Increasing online learning, something that we are being forced to practice at this time, can also dramatically increase the supply. Even the biggest lecture hall I ever attended could only hold a few hundred students. Record that lecture and put it online, and now it can be seen by anyone. There is no scarcity there.
I would also not say that there are any useless degrees. However, I would say that there may be unaccredited programs.
If a program is unaccredited, it is either not up to the standards that the workplace needs, or the workplace does not have enough demand for those skills to create and enforce those standards.
If a program is accredited, that means that there is some demand for that in the workplace. We don’t just need STEM majors, we need creative types as well. We need people to write music, books and movies, and we need people to be able to create those performances.
One of the current most one sided industries in terms of trade imbalance is arts and entertainment. We export far more than we import.
I would say that we should pay for all accredited programs, and if someone wants to take underwater basket weaving, and there is no accredited program for that, no road to employment, then they can pay for that themselves.