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Computer Science, a popular college major, has one of the highest unemployment rates
(www.newsweek.com)
This is a most excellent place for technology news and articles.
What you describe might be true for Canada, but it doesn't apply to all universities. Many universities have two primary tasks: research and education. These are two separate tasks with overlap.
I do find it understandable if publicly funded universities place restrictions on how many students they accept per program as it's their duty to give back go society.