There are some erie parallels between the housing bubble and the college bubble. While the housing bubble peaked about 5 years ago, the college bubble is showing signs of peaking now.
An unholy alliance of college administrators, faculty unions, a loan-happy federal government, and anxious parents have combined to push up college costs beyond reason, created an excess of college grads with silly degrees, and an army of embittered debt slaves now realizing they’ve been duped.
The denoument of this play will be long and bloody, but healthy. Faculty will have to increase their shrunken teaching loads, campuses stop the arms-race of physical plant, administrative bloat slashed, useless majors dropped, the party atmosphere curbed, and political correctness challenged, just for starters. Its a good thing.
