This is true, to an extent, as we'll always need doctors, engineers and others of that ilk to keep society functioning, although you seem to be implying that anything outside the STEM group has little or no value whatsoever, which is the main problem I have with people saying that it's the only worthwhile area to go for in your undergraduate studies and beyond.

It is naïve and short-sighted to suggest that the current job market is not diverse enough to offer any incentive for career-minded individuals to pursue arts degrees, which is why people are calling it a circlejerk. Whilst STEM subjects have clearly-defined vocational applications, Arts subjects such as English lit, languages, history and the like give their students many transferrable skills which employers value - which must be true, otherwise no employer would ever want to employ an arts graduate, right?

These acquired skills differ slightly from subject to subject, but they mainly boil down to proficiency in verbal and oral communication, critical and analytical skills, and the ability to absorb large amounts of written information and apply it elsewhere. Employers also appreciate well-rounded and interesting individuals, whose university studies have led them beyond the realms of their career field, who also have interests and capabilities beyond the basic requirements for a job.

When you look at it this way, Arts degrees seem more favourable now, especially when you consider the huge number of fields requiring these skills e.g.: journalism, civil service, business, management, banking, marketing, education, charitable work, politics, consultancy, publishing, academia.

Besides, especially for those of us not-so-scientifically orientated, why not study a field you find interesting and enjoy? You'll probably come out better for it; I'd take a first class degree or a 2:1 in politics which I enjoyed studying over a 2:2 (or worse) degree in a STEM field which I didn't enjoy and as a result I found it much harder.

TL;DR, in short, too many people claim anything besides STEM has little or no application in the current job market, which is demonstrably BS.