"Financing of graduate education is an expensive public investment. For each MA ...  $12,000, [twice the funding for undergrads. For a PhD student, a university can bank three to five times the money [they get for undergrads]"
Yes and undergrads out number grads by at least an order of magnitude so the vast majority of funding still comes from undergrad bodies. The government should be applying these standards to the outcomes for undergrads. Of course that might lead to the loss of a lot of seats currently occupied by SJW's.