The Obama administration has announced its proposal for addressing the higher-education bubble and the student-debt crisis — and it’s not entirely crazy.
The fact is that college costs have vastly exceeded the rate of inflation for at least the past 30 years, to the point where annual expenses at some universities exceed $50,000. Even lower-cost state universities are raising tuition as local legislatures cut their subsidies.
Much of the money raised through these rising costs is not spent on teaching or necessary services. While the shrinking aristocracy of tenured professors goes on producing mostly obscure research, teaching at many colleges is relegated to the serfs: underpaid...READ MORE