Sure, because the last thing we need are laypeople who can think critically. You don't think a well-rounded, college educated population is more desirable than highly trained, unquestioning serfs (the power elite's dream for America)?
Well, note that he just said it wasn't cost effective for the individual, not that it wasn't good for society.
Just thinking in monetary terms, it isn't cost effective for an individual to spend the money on college if it doesn't get them a career that pays more than what they would have got out of high school or could have gotten after a 2 year trade school period etc.
Plus, I think it's a tad delusional to think that everyone who goes to college and graduates really becomes educated and well rounded. As a professor I can tell you most students are just there to get a degree as they think they have to to get a job. The bulk of these are on the "C's get degrees" track and don't give a shit about really learning anything. They just do the bare minimum to skate by and graduate.
The only ones who are going to really be educated and become well rounded are those who are truly interested in learning and becoming well rounded and put full effort into their studies as they're truly passionate about it, rather than just wanting a piece of paper they think they need to get a decent job (and in many cases do as so many professions require degrees when they're really not needed these days).
And most of those types are interested in grad school or law school etc., at least in my field.
So I'd agree with Big T. There's lots of people in college who shouldn't be there as they don't have any real interest in being there, aren't going to get much out of it, and it won't end up being cost effective for many of them. They're just wasting their time and money and wasting my time by not being engaged in their studies.