Over at the Cato Institute they call for cuts to higher education funding. I wholeheartedly agree.
For far too long, almost anything related to education has seen pretty regular, sizeable funding increases due largely to the simplistic — and easily demagogued – notion that spending more money on education must be good. Anyone opposing such increases has generally been attacked as a fool or heartless idealogue. But here’s the thing: All this spending has produced little if any discernable good! In higher ed, it has mainly encouraged more and more people to pursue degrees that they either don’t need, can’t handle, or that don’t signify much learning, all while enabling colleges to raise their prices to capture the aid increases! In other words, all the magical thinking about education spending notwithstanding, the evidence strongly suggests that more spending ultimately does little educational good while bleeding taxpayers dry and expanding our utterly unsustainable debt.
The higher education bubble is America’s current economic boondoggle and, I guarantee you, it is going to bring great pain if it is allowed to grow until it bursts. It needs to be deflated now.