https://www.aamc.org/news/press-releases/new-aamc-report-shows-continuing-projected-physician-shortage

As someone in IT, I can tell you that it is incredibly hard to fill most of our common sysadmin roles. We don't even get applicants with the desired qualifications (SCCM, Azure, VMware, MS SQL, Power Shell, etc. Not in the same role, but these common skills). This is despite the fact that we're competitive on pay, allow fully remote, and are a household name (fortune 100). I sincerely doubt that we're alone on that.

As for your point about unemployed STEM grads, it's entirely possible that they are in an area that has a surplus. But it's also possible they are inexperienced (most employers want experience), or they don't know how to connect with the employers looking for their skill set.

I'm not saying that I'm sold on the idea. Just that it's not entirely clear what the impact would be, nor that it would be a net negative.