http://www.nytimes.com/2010/08/15/op...r.html?_r=1&hp
This one hits close to home for me.......it's a personal pet peeve of mine.
University education used to offer a pretty good return on investment with the salary it "purchased" for the average degree and the average student.
But while higher education inflation has exploded in the past 2 decades, for non-technical/tangible skills degrees starting salaries have been largely stagnant.
It certainly looks like US higher educations is driving towards a wall at 100mph....especially with early indicators like law schools offering retroactive grade point average increases to make their graduates more competitive...like some sort of academic version of Orwell's Ministry of Truth in 1984.
People complain about the ethics of used car salesmen......but I have yet to hear much spoken or written in the negative yet about college recruiters/admissions/financial aid staff selling a product with a negative return on investment.
I'm not a big fan of bailouts, but "buy in" for them must be contagious.....I'm wondering if one of the next few bailouts meant to restart the US economic motors to get us out of the flat-spin we are in will include a massive higher education bailout....and whether it's not such a bad idea.
Would an additional $100-200 billion in hard science research grants(nanotech, biotech, alternative energy, future transport, etc) have the potential to "save" US higher education, spark innovation, help create new industries, new businesses, and most importantly jobs?
What chance would an academic bailout have of achieving a reasonable return on investment?
Or does the US possess a mass excess of unneeded academic capacity in much the same way it possesses a mass excess in retail commercial property?
Is this the US version of Saudi Arabia's dangerous glut of unemployable Islamic Studies graduates?
Does US higher education get hollowed out?
Will we see considerable numbers of closures and consolidations/mergers in higher education?
While I am a HUGE believer in personal responsibility and the importance of due diligence, I truly pity those who graduated with massive student debt burdens and carry them along with a mortgage on a home purchased between 2002-2007.
They are now sitting on both a devalued degree and home, but still responsible for paying full F.I.R.E. economy retail value.
To me, seeing a possible(or even pending?) implosion of US higher education is like seeing the "cycle of life" broken.
Is it simply a choice between letting the US higher education system implode(and letting the "market" sort out what should fill that space) or throwing it a big bailout to keep it afloat and praying it offers a way out(via a Manhattan/Apollo sized initiative focused on future industry/transportation/energy/etc) without actually reorganizing/fixing it's massive disconnects with it's many negative return on investment degree programs?
Can we afford to let higher education collapse, even if we can't afford to pay for it's bailout?
Isn't higher education analogous to planting crops in the Spring to be harvested in the late Summer early Fall to get us through Winter?
Wouldn't a collapse of higher education equate to a crop failure and related hunger and deprivation?
In no way do I think US higher education will collapse entirely.....but could it potentially contract enough(beyond just unnecessary overcapacity) to cause serious harm to our ability to get through Winter?
I'm no expert....I'm just increasingly concerned that not enough attention is being placed on where higher education sits in the post F.I.R.E. economy dialogue.
Just my 0.02c
This one hits close to home for me.......it's a personal pet peeve of mine.
University education used to offer a pretty good return on investment with the salary it "purchased" for the average degree and the average student.
But while higher education inflation has exploded in the past 2 decades, for non-technical/tangible skills degrees starting salaries have been largely stagnant.
It certainly looks like US higher educations is driving towards a wall at 100mph....especially with early indicators like law schools offering retroactive grade point average increases to make their graduates more competitive...like some sort of academic version of Orwell's Ministry of Truth in 1984.
People complain about the ethics of used car salesmen......but I have yet to hear much spoken or written in the negative yet about college recruiters/admissions/financial aid staff selling a product with a negative return on investment.
I'm not a big fan of bailouts, but "buy in" for them must be contagious.....I'm wondering if one of the next few bailouts meant to restart the US economic motors to get us out of the flat-spin we are in will include a massive higher education bailout....and whether it's not such a bad idea.
Would an additional $100-200 billion in hard science research grants(nanotech, biotech, alternative energy, future transport, etc) have the potential to "save" US higher education, spark innovation, help create new industries, new businesses, and most importantly jobs?
What chance would an academic bailout have of achieving a reasonable return on investment?
Or does the US possess a mass excess of unneeded academic capacity in much the same way it possesses a mass excess in retail commercial property?
Is this the US version of Saudi Arabia's dangerous glut of unemployable Islamic Studies graduates?
Does US higher education get hollowed out?
Will we see considerable numbers of closures and consolidations/mergers in higher education?
While I am a HUGE believer in personal responsibility and the importance of due diligence, I truly pity those who graduated with massive student debt burdens and carry them along with a mortgage on a home purchased between 2002-2007.
They are now sitting on both a devalued degree and home, but still responsible for paying full F.I.R.E. economy retail value.
To me, seeing a possible(or even pending?) implosion of US higher education is like seeing the "cycle of life" broken.
Is it simply a choice between letting the US higher education system implode(and letting the "market" sort out what should fill that space) or throwing it a big bailout to keep it afloat and praying it offers a way out(via a Manhattan/Apollo sized initiative focused on future industry/transportation/energy/etc) without actually reorganizing/fixing it's massive disconnects with it's many negative return on investment degree programs?
Can we afford to let higher education collapse, even if we can't afford to pay for it's bailout?
Isn't higher education analogous to planting crops in the Spring to be harvested in the late Summer early Fall to get us through Winter?
Wouldn't a collapse of higher education equate to a crop failure and related hunger and deprivation?
In no way do I think US higher education will collapse entirely.....but could it potentially contract enough(beyond just unnecessary overcapacity) to cause serious harm to our ability to get through Winter?
I'm no expert....I'm just increasingly concerned that not enough attention is being placed on where higher education sits in the post F.I.R.E. economy dialogue.
Just my 0.02c
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