This is a great idea for economic growth, especially where increasingly corporate profits come from outsourced and automated jobs.
The loss of millions of good paying manufacturing jobs to China and elsewhere resulted in a loss of consumer demand, since uneducated unionized workers had to take entry level service sector jobs paying less. True, they can now buy manufactured products cheaper, but that can't make up for lost income on a systematic level: companies relocating overseas do not pass all of their labor cost saving on to consumers in the form of lower prices, since if they did the move would not result in higher profits. They also have a longer supply chain and higher shipping costs; so consumer gain from lower prices had to be less than consumer loss through lower wages, else company profits could not increase.
Money spent on imports also means that American workers (who are also consumers) do not receive back part of that purchase price in the form of wages. This further decreases domestic consumer buying power.
When Americans have less to spend as a group, business sales decrease (or grow more slowly than they otherwise would).
Increased consumer borrowing (credit card spending) and asset appreciation during the housing bubble disguised this; but now that the bubble burst and the associated credit crisis put an end to EZ credit, consumption relies once again largely on wages, which are stagnant or in decline for most.
Redistributing money from financial speculation to the pockets of those who will use it to purchase goods and services is good for economic growth and business.
P.S. Higher education is not a cure all: many of the fastest growing jobs in coming years pay less than $12 an hour on average. For the foreseeable future the economy will continue to be greased by ordinary service jobs that do not require a bachelor's degree. A large population of underemployed university graduates is s nucleus for social unrest and demagoguery.