re: Would you want your son to major in a liberal arts degree?

It depends. At a school like Princeton, everything except the engineering degrees receives a B.A. This includes fields like geology, economics, and math. If you get a liberal arts degree from a well-known, elite university, you will have plenty of good jobs to choose from. I have friends who majored in subjects like art history or Chinese at places like Penn, Williams, and Amherst who know work in brand management for F100 companies, investment banking, and management consulting.

If they wanted to get a liberal arts degree from a place that isn't viewed nationally as "elite" (e.g. LSU), I would make sure they had a plan to monetize that degree. A student who majored in political science or philosophy and learned how to critically read and write persuasively would be very well prepared for law school or a masters in public policy at a more prestigious school. But I would make sure they understood they would have very limited job prospects right out of undergrad and would likely need further schooling.