Obama spoke the truth.
There are few jobs for "Art Majors" (history or otherwise).. Most who graduate with these (or a similar) degrees must acquire other industry valued, skills to make a good living. The old quip regarding starving artists is only too true.
While visiting a large university in California some years ago I had a causal conversation with the head of the graduate placement office. I inquired as to the job prospects for liberal arts graduates (such as with a Art History degree). The answer was blunt: "We get no recruiters for these graduates".
I then, somewhat impishly, suggested that the students in these majors should be advised of their job prospects. The response was a look of horror. "If I even hinted to these students that there were few, if any, employment prospects the respective department heads would have me fired, immediately."
So, I suggest that the true objectives of many of these departments are to insure the continued employment of the instructors and their Deans, not to prepare the students for gainful employment.