One hears in this op-ed by David Mabe the thinking behind centralization’s inevitable failure over time:

Even in these times of high unemployment, forecasts of labor shortages are becoming more prevalent. New England has long boasted a highly educated population relative to other parts of the country, but the retirement of Baby Boomers and net loss from population migration suggest that the demand for skilled workers will increasingly outpace the supply. These and other looming demographic shifts threaten to hamper regional recovery efforts. …
Universities, and especially community colleges, according to Modestino, should focus on degree-completion initiatives, increased financial assistance for students, and greater opportunity for career training and professional collaboration to fill looming workforce gaps; such areas of focus would produce a “win-win-win” for employers, for the regional economy, and for the students themselves.

Where the “win-win-win” inevitably falls apart is a mismatch of incentives. When the mandate comes from the government to “do something,” taxpayers end up funding the sorts of education that young students prefer (light and easy to pass) and the courses that educators, on the whole, prefer to offer (subjective and difficult to quantify). The result is another cost layered into the economy with inadequate translation into economically productive jobs.
Let private industry work independently with educational institutions to finance the aid and courses that they specifically need, then let students choose those subsidized paths… or not. “Degree-completion initiatives” will move students toward that piece of paper, but not necessarily toward the skills that they actually need.