Education certainly isn't solely about preparing for future employment. When in college, I took many classes which had nothing at all to do with my degree but made a lasting impression on me. I wouldn't spend time at E, for one, without the creative writing class I took, or all of the general ed English courses that forced me to learn how to be a better writer. Coming out of high school I was convinced that was an average writer, but it took taking college level classes to realize how utterly wrong I was.
College was partly an exercise in humility that taught me to respect the opinions of experts who have studied material for many years of their lives. Some of the most basic, seemingly worthless areas of study have a lot of interesting, non-intuitive applications. Furthermore, no matter what the class is, they all hone certain logical skills: reading comprehension, vocabulary, contextual clues, deduction, induction. As much as I would've liked to skip all of the general ed classes I took, in retrospect I've realized that a lot of the modes of thinking that I utilize now I learned from them, and not my mathematics courses. I can't honestly say they were a waste, because I am now certain that they were not (despite how it seemed at the time and how it seems now from a glance).
However, it is not the responsibility of government to enrich the lives of individuals. Government offers educational services and assistance because an educated populace is necessary for the maintenance of liberty (that's almost a direct quote from Thomas Jefferson). We educate to give people the skills necessary to be a part of our society, and yes, a portion of that includes the ability to perform complicated tasks according to formal instruction in exchange for a wage: i.e. employment. Government assisted loans are offered to this end, on the premise that the country's expenditure is a form of investment.
There are certainly some classes of dubious worth (Vampire Literature Class chief amongst them), but I don't think it's fair to consider it a complete waste. Literature classes tend to contextual literary movements and themes in terms of societal forces that make popular literature popular; I have a feeling that while taking the Vampire Literature Class they'll delve into themes of Victorian sexual repression, resurgence of such ideas in modern society, and ultimately end up showing just how derivative, uninspired, and poor Twilight is as a work of fiction (if it's part of the material covered). It may not be teaching someone how to make their first Hello World program in Java, but I'm willing to bet it'll be an exercise in thought none the less. Just as jazzercizing may not be the best way to slim your waistline but it still has a positive effect, Vampire Literature Class has some positive things to offer I'm sure.
That isn't to say I disagree with some of your thoughts, Scott. College certainly has numerous problems, and it would be nice if there was a way so that Government could focus on assisting people who are seeking employment training primarily, while still allowing individuals access to these enlightening, liberalizing (and I don't mean that in a political sense) experiences. It's largely a problem of finding the barrier and coming up with a schema to determine what is and isn't worthwhile: Neroon hit the nail on the head in his post, educational adaptability relies on having far too open standards. Some of the waste is a necessary evil.