Go to payscale.com
You can see how people with the degree are doing.
http://www.payscale.com/best-colleges/degrees.asp
Between literature and English, there's starting pay of 39k, mid-career of 69k.
I don't know about the current job market, but I had a lot of students get jobs -- good paying ones -- prior to the meltdown. I don't know what the UConn English dept. is like, but typically such a department would require majors to be excellent at literacy and communication, to be experts in systematic research and information, critical theory and aesthetics. Education and law are the main avenues, but advertising, public relations, and especially business writing, are common. I had a friend who started as a tech writer but ended up leading computer programming teams in projects. Developing a customer relations website, for instance, for a Fortune 500 company. It wasn't only his communication skills and writing that they needed, but eye for aesthetics.
As for the rest of the argument, institutions should teach disciplines that aren't marketable in order to fulfill their #1 mission: expanding human knowledge. Most schools aren't there solely to help you find employment. You seem to imply that you got a Masters of Education in English. That's very odd. If people didn't study English at the university level, then why/how could you become an expert with an advanced degree? What would be your expertise?