My sister received her Doctorate in English from the University of Arizona in 2005. She works at a public library, making $40k a year. My brother, right out of high school, joined the Army. He is an E-8, making close to $60k. Education has nothing to do with income. I think degree programs that translate into a lack of employment should vanish.
n=2 and all that. Overall, education continues to pay off - see the much lower unemployment rate of people with college degrees, compared to HS graduates, for example. You'll always find people who are successful without a college degree (hi Bill Gates!), but on the whole, it's just not how it works.
As for abolishing programs that don't guarantee employment... umm, no. What would universities be without the humanities? As John Adams put it:
I must study Politicks and War that my sons may have liberty to study Mathematicks and Philosophy. My sons ought to study Mathematicks and Philosophy, Geography, natural History, Naval Architecture, navigation, Commerce and Agriculture, in order to give their Children a right to study Painting, Poetry, Musick, Architecture, Statuary, Tapestry and Porcelaine.
Source