Another article on the “higher education bubble” (think housing bubble, but with college degrees) from that screaming right-wing rag The Christian Science Monitor. (That was meant as sarcasm.)
A college degree once looked to be the path to prosperity. In an article for TechCrunch, Sarah Lacy writes, “Like the housing bubble, the education bubble is about security and insurance against the future. Both whisper a seductive promise into the ears of worried Americans: Do this and you will be safe.”
“Administrative bloat” is real. At many big universities, the administrators now outnumber the teaching faculty.
At the other end of the spectrum, the small liberal-arts college that I attended has about the same number of students than it did a few years ago, but it now seems to require more deans and assistant deans to operate.
Universities keep raising tuition. Students get easy, taxpayer-guaranteed loans to pay that tuition, because a college degree is a Good Thing.
Can’t pay off the loan? Too bad. Not even personal bankruptcy will make it go away—the banks saw to it that the law was written that way. And no one can foreclose on your bachelor’s or master’s degree.
So what if people stop climbing on this particular merry-go-ground? What happens to all those assistant deans and the big, empty football stadium then? What happens to all my friends trying to get teaching jobs? What happens to me hoping that someone will adopt my book as a class text? What happens to my publisher?
The linked Tech Crunch article is even more hard-hitting.
Next thing, National Public Radio will discover this issue.