I agree with this -- I'm a huge proponent of truly well-rounded education ... and liberal arts has proven itself to be the foundation for one. We should be pushing this deeper at the High School level, though.
That said, if this initiative is to succeed (at least from a financial standpoint) it's going to need to produce immediate dividends vis-à-vis job creation and equipping students for immediate employment is best accomplished through specialized programs.
There are other ways to incentivize 'alternate' forms of education without making it free, such as lowering/guarding tuition rates, which might be employed in the meanwhile.
We also shouldn't forget those who have already achieved a secondary education but are saddled up to the eyeballs in student loans -- debt forgiveness is at the top of my list.