"I'm Protesting with My Student Loan Money!"
Music to my ears: Anger over increasing tuition and school budget cuts boiled over as students across the country staged rowdy demonstrations that led to clashes with police and the rush-hour shutdown of a major freeway in California. But all that violence and disruption isn't going to solve the problems. Let me give you my ten-point guide to eliminating runaway higher-education costs:
10. Eliminate tenure.
9. Eliminate faculty unions.
8. Freeze capital spending: no new latte bars and other amenities.
7. In the short-term, use your own endowment money to underwrite tuition assistance.
6. Eliminate the Hope Credit
5. Eliminate the Lifetime Learning Credit
4. Eliminate Coverdells and 529 college savings plans.
3. Eliminate mandatory college education (artificially pumping-up demand).
2. Eliminate PELL grants.
1. Eliminate favorable student loan terms.
Believe it or not, numbers 1 and 2 aren't the ones that irritate me the most. Though I think they're the biggest reason college tuition rates are skyrocketing, it's number 3 that really grates me. Big government and big business often require their employees to get worthless degrees in order to keep a job or get a promotion. It's a travesty. Joseph Epstein pointed out higher education's dirty little secret years ago: "a college education doesn't really add much." It is, in other words, just a piece of paper. I went to school for seven years in order to become a lawyer. Academically, I could've done it in three. (Maturity-wise, I probably needed ten, but that's irrelevant: college did nothing to accelerate the maturation process; I could've matured just as well sitting on the dock of the bay with Otis Redding.)
But even though college classes don't add much, people are required to take 'em. In Michigan, you can't even keep your accreditation to be a kindergarten teacher unless you're actively pursuing a master's degree in education! It's an appalling sop to the economics of higher education: By artificially jacking up demand, colleges and universities can keep jacking up tuition. I've know many big businesses who tell qualified employees that they need to go back to college, yet everyone who works knows one thing: 99% of what you do at your job comes from experience, not from the classroom. Classes can enrich a little, but the vast majority of employees only need on-the-job training and maybe an annual seminar or two. They don't need a degree, which by its cookie-cutter nature requires them to sit through many lectures on topics that will never directly apply to their job.
I had great hopes that the highly-successful college drop-out dot.com geniuses of the 1990s would show everyone that the college degree is vastly over-rated, but they haven't. If anything, the perceived value of a college education has risen. Nearly ever person I talk with agrees that college is grossly over-rated, academically (it's a helluva lot of fun, but academically?). Yet as a society, we keep pushing it. It's inexplicable, unless there are monster forces at work behind the scenes . . . which there are.
If people really start to look into college education costs like they've been looking at health care, they'd see it's a tangled web of a mess, just like health care. College education and health care are both messes, and they have a few things in common: They've both been favored with money in excess of what an unhampered free market would provide, they both have deep ties with government, they both have deep ties with big business.
Those commonalities aren't coincidences.
