It isn't. If it was up to me, I'd pass a law that forced colleges to disclose the top 10 degrees in terms of most number of jobs landed and what they paid. Truth is engineering would be near the top. Colleges don't disclose any of this information even though they collect it! Remember, the #1 degree major for a typical 18 yr old is "undeclared." Colleges need to ensure they get people spread out and do everything the college offers. In a perfect world, people would see that aviation degrees, French history, basket weaving, are just a waste of time and money with no real payoff. Imagine if a list was published that showed the most successful college degrees in terms of job placement and salaries. If students then entered only those fields, colleges would lose all the other departments and furlough professors/lecturers/staffers/etc.
About your furlough situation, I would say "it depends." Right after 9/11 type furlough, you knew you'd be out way long-term. However, if you work for someone like Vision Airlines and they close shop, chances are pretty good you are going to get picked up fast at another LCC/Major. This kind of furlough doesn't necessitate a career change. I was talking about more long term furloughs when things are really bad (example including 9/11). Or if you lose a medical permanently.
"This backup degree is nonsense" spoken like a true, ignorant "aviation degree" pilot. Having a *good* backup degree (engineering field, accounting/math type, technical/science type, or even language) can give you that something for down the road when you do hit an obstacle. Suppose you are 45 and have permanently lost your medical. What are you going to do? You'd have to go back to school and specialize in something that you hadn't done before. A guy with a good back up degree only has to brush up, and reach out for contacts he knows (network) into an entry-level job. If not, then specialize in certification that allows a job within that field. Either way, you are going to cut down on time by already having a good back up degree.
Not necessarily. It all depends. I left my engineering job in '07 and I still have enough knowledge (and books/notes left on a dusty shelf) that I could use to bring myself up to par for at least an entry-level engineering job. I still have contacts as well from my job when I was in that field.