Let’s start with a measurement, namely that the current rate of unemployment for individuals with a college degree is about 3.7 percent.
Therefore if we cut government spending on the jobs of those individuals, they will be reemployed reasonably rapidly. We should not assign much weight to the aggregate rate of unemployment in making this judgment. True, false, or uncertain?
Variant: If we increase government spending to hire these individuals, it will not much lower the rate of unemployment. True, false, or uncertain?
Additional exercise: What percentage of the money spent on the labor of government military contractors is spent on individuals with a college degree?
I find it remarkable how infrequently these simple considerations are mentioned, much less analyzed.