Tuesday, April 19, 2011


This means something, but I am not sure what:
Last June, for the first time in history, Americans owed more on their student loans, a record $833 billion, than on their credit cards, $826.5 billion. The amount owed on student loans increases at a rate of about $2,853.88 per second, meaning we're on track for total student debt to cross the $1 trillion mark sometime this year.
 Some people have argued that that the next bubble to pop will be a higher-education bubble. The cost of education has risen so that it is no longer a good investment for most students--they will never recover the costs of going to college with higher wages. Maybe. I know that I saw a lot of students who did not belong in college when I was teaching. And I recall top administrators who saw nothing wrong with raising tuition and fees by 5%-10% each year.

When something is not sustainable, it will eventually stop.

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