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Well, I can't comment on the US college system (what does GE stand for, by the way?), but I teach chemistry at university level, so I have some understanding of higher education in the sciences ...
What I see is that students who graduate with degrees in practical, professional, fields (science, engineering, IT, accounting, law) typically get jobs (at least in this part of the world), but the jobs may not pay that well, given the cost of the degree. Students with degrees in the arts and social sciences really struggle to get jobs - there is an old joke: "What does an arts graduate learn to say in their first job? 'Would you like fries with that!'" Now I agree, that's a bit mean (and generally comes from science majors) but sadly also has a bit of truth in it.
In my first weeks as an undergraduate, an employer came to speak to a group of us about what our degrees really meant. He said "I view someone with a bachelors degree as having 'a license to start learning'", which I think is the important point. A degree shows an employer that you can think, not that you know it all, which is something many graduates don't understand.
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