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Dear Class of ’13: You’ve been scammed
MarketWatch ^ | May 17, 2013 | Brett Arends

Posted on 05/17/2013 10:51:24 PM PDT by george76

How the College-Industrial Complex drove tuition so high.

Class of 2013,

No one else is going to tell you this, so I might as well.

You sit here today, $30,000 or $40,000 in debt, as the latest victims of what may well be the biggest conspiracy in U.S. history. It is a conspiracy so big and powerful that Dan Brown won’t even touch it. It’s a conspiracy so insidious that you will rarely hear its name.

Move over, Illuminati. Stand down, Wall Street. Area 51? Pah. It’s nothing.

The biggest conspiracy of all? The College-Industrial Complex.

Consider this: You have just paid about three times as much for your degree as did someone graduating 30 years ago. That’s in constant dollars — in other words, after accounting for inflation. There is no evidence that you have received a degree three times as good. Some would wonder if you have received a degree even one times as good.

...

about 17% of those with student loans are more than 90 days’ delinquent on their interest payments. Yet he also calculates that 44% haven’t even entered the repayment period at all.

If you turn to the pages of any newspaper, you will read a lot of hand-wringing about this. You will hear attacks on “predatory” student-loan companies and “predatory ... for-profit colleges.” You will hear about cutbacks in Pell Grants and federal aid and proposals to lower the interest rate on subsidized federal loans. But all of these comments ignore one basic problem.

It’s the cost, stupid.

(Excerpt) Read more at marketwatch.com ...


TOPICS: Business/Economy; Crime/Corruption; Culture/Society; Editorial; News/Current Events
KEYWORDS: academia

1 posted on 05/17/2013 10:51:24 PM PDT by george76
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To: george76

We need another State Proposition for more money for the schools. /s How much lottery money do they get too?


2 posted on 05/17/2013 11:07:05 PM PDT by GeorgeWashingtonsGhost
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To: GeorgeWashingtonsGhost

Well, Texas did just that and added $3.9 Million back into the school fund in this legislative session. New tax breaks for business but no rebate on the property tax for we common folk, the vast majority of which also go to support schools.

About 27 percent of our lottery funds go to support schools. Yes, our state is among those that is solvent but dumping more money into schools is, IMO, not going to improve public education in Texas one iota.


3 posted on 05/17/2013 11:18:21 PM PDT by Grams A (The Sun will rise in the East in the morning and God is still on his throne.)
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To: george76

School cartoonist at one University drew a great cartoon showing the graduating students of the University marching in line to get their degrees and then the line continuing to the unemployment line where they were signing up after having received their degrees.


4 posted on 05/17/2013 11:51:10 PM PDT by Freedom of Speech Wins
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To: george76

When I went to college, a high-priced sister school but not as high as Sarah Lawrence and Bennington, which were the highest at that time, the cost was $2,200 a year. No, there’s not a zero missing.

When it was time for my daughter to apply to colleges, we went to visit Harvard, as everyone did, and were told they were on a campaign to bolster their endowment by one billion dollars. One of the parents asked why they needed so much more money.

The answer was health care, for all of their faculty and staff. I assume pensions too, but the answer was “mostly for health care.”

So maybe that’s the problem. Not college education per se.


5 posted on 05/18/2013 1:46:00 AM PDT by firebrand
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To: george76

I am sure those Feminist Theory and Basketweaving degrees will pay for it all.


6 posted on 05/18/2013 1:51:39 AM PDT by GeronL (http://asspos.blogspot.com)
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To: Grams A

“New tax breaks for business but no rebate on the property tax for we common folk, the vast majority of which also go to support schools.”

Local school taxes are 3/4 of our property tax bills in NJ (among the highest in the country); thankfully Governor Christie capped our tax increases at 2%, so when the teachers get 4% raises cops, firemen, and teachers with the least seniority get laid off. This has been happening for years, and has chased many taxpayers (individuals and companies) out of the state. Initially it was because the taxes were too high (many of us basically pay a monthly rent on top of our mortgage); now it is because though they are stable (at a high rate), there is no money left to fix roads, fight crime, etc.. Teachers’ unions have destroyed our state; they are the enemies of those they “serve”, and are fighting any kind of immigration enforcement because many schools would close for lack of students without the foreign invaders filling the seats.


7 posted on 05/18/2013 2:04:50 AM PDT by kearnyirish2 (Affirmative action is economic war against white males (and therefore white families).)
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To: Freedom of Speech Wins

“School cartoonist at one University drew a great cartoon showing the graduating students of the University marching in line to get their degrees and then the line continuing to the unemployment line where they were signing up after having received their degrees.”

That’s great; the biggest problem I see is that the high prices of the higher education are being matched by falling wages and diminishing opportunities. Never mind the cost of the school; what chance do these graduates have of ever earning a living (never mind paying back loans)?


8 posted on 05/18/2013 2:07:10 AM PDT by kearnyirish2 (Affirmative action is economic war against white males (and therefore white families).)
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To: george76
How on earth do colleges today ramp up costs to $40,000 a year?

That's really not so bad for the Lesbian/Gay/Transgender Studies graduate who plans to work on Wall Street for $350,000/year. Not bad at all.

9 posted on 05/18/2013 2:37:59 AM PDT by kevao (Biblical Jesus: Give your money to the poor. Socialist Jesus: Give your neighbor's money to the poor)
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To: kearnyirish2

As Thomas Friedman is quoted, “What cannot go on forever, won’t.”

It will eventually correct itself, even if there’s a lot of pain beforehand. If I were younger, I’d probably consider, for as many courses as possible, get the textbooks and use internet sources and self- study until I knew as much I could about a course, then challenge the course.


10 posted on 05/18/2013 3:49:42 AM PDT by Jonty30 (What Islam and secularism have in common is that they are both death cults)
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To: george76

The small college down the road from me is having a problem getting Freshmen for the next school year.


11 posted on 05/18/2013 3:51:26 AM PDT by Venturer
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To: george76

It’s just like the “Roach Motel”...they check in but they can’t check out.

The bait in this case is government money given to the students to pay government paid colleges and their highly overpaid staff.

Once the students (roaches) check in and take the bait, they will never be able to free themselves of the shackles the government placed on them.


12 posted on 05/18/2013 3:54:11 AM PDT by DH (Once the tainted finger of government touches anything the rot begins)
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To: george76

Did you see the Cal-Berkley student on Fox’s “Man on the Street” last night who not only had no clue what Benghazi was about, but didn’t know who was Vice President?

No one that ignorant should be awarded a college degree. These low-information students, who are absolutely clueless, will be voting Democrat their entire lives because their Leftist professors told them to.


13 posted on 05/18/2013 4:09:25 AM PDT by txrefugee
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To: george76; All

The biggest problem with schools are the overpaid administration..... something GOP budget cutters ignore (mainly because they want those jobs when they leave politics)

Those overpaid positions not only drain budgets with excessive salary.... they have sweeter benefits than the rank and file (union) employee.

Problem I have with folks like Scott Walker is that they do not cut these positions.....they focus too much on “Economic Envy” low info voters jealous that someone still has a job.....and cut the low paid jobs

You cannot cut school (and government) spending until you cut the overpaid admin and executive jobs


14 posted on 05/18/2013 4:20:15 AM PDT by SeminoleCounty (GOP - Greenlighting Obama's Programs)
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To: george76
Not only were these pimple faced morons scammed, they voted to keep their scammers in office and mocked those of us who wouldn't join them as bigots.”I'll have fries and onion rings with my Big Mac, please”
15 posted on 05/18/2013 4:51:44 AM PDT by jmaroneps37 (Conservatism is truth. Liberalism is lies.)
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To: Jonty30

It IS correcting itself - now. The correction involves importing foreign students while leaving Americans with high school educations that in our day would have been 8th grade educations (and I’m only in my early 40s).

The American youth are acknowledging this with every new facial tattoo, out-of-wedlock child, and CDS arrest; they have the same despair the permanent welfare recipients have shown for decades.


16 posted on 05/18/2013 4:53:35 AM PDT by kearnyirish2 (Affirmative action is economic war against white males (and therefore white families).)
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To: george76

If students went to in-state schools instead of out of state, this wouldn’t be much of an issue. The Uni’s market heavily to out of state students who will be paying the big bucks... freshman week concerts with A list pop stars etc It’s hilarious, but for many kids College is a right of passage now, an expensive four year summer camp with a bit of studying thrown in.


17 posted on 05/18/2013 5:54:22 AM PDT by Katya (Homo Nosce Te Ipsum)
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To: kearnyirish2

Could not agree more. Here in Westchester County, we have a town tax, school tax, and a county tax. There are sewer taxes, refuse district taxes, water taxes, automobile registration taxes, automobile insurance taxes, gas taxes, oil (heating and vehicle) taxes, a myriad of taxes on our electricity, telephone and cable bills, not to mention hotel taxes, sales taxes, mortgage recording taxes, taxes on commercial rental leases (in NYC), and the list goes on. The fascist governor put a 2% tax cap on budget increases but included no relief on the mandate side of the expenses—the pension and healthcare insurance for municipal workers and medicaid. Towns are being forced to cut their DPW, police, fire and other essential services while teachers unions keep getting more and more money. They are the biggest donors to politicians. In one town in the county, the school budget is $500 million dollars. They refuse to allow their books to be audited by the town council. The council is suing to audit them. They love illegal alien students because they get money for each one that is enrolled in the schools. Teachers unions are bankrupting the local governments.


18 posted on 05/18/2013 6:02:43 AM PDT by NoKoolAidforMe (I'm clinging to my God and my guns. You can keep the change.)
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To: george76
How on earth do colleges today ramp up costs to $40,000 a year?

They give everybody a scholarship to make them feel good.

19 posted on 05/18/2013 6:33:02 AM PDT by Uncle Chip
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To: Uncle Chip

I sat at the Senior Awards Assembly at our school the other day to find that one of my middling AP students had been granted a full scholarship to UNC-Chapel Hill. This individual’s demeanor throughout the class rendered him virtually unteachable. His essays were always poor; his contributions to discussions were negligible. He came up to me one day to complain about my hard grading policies and how it sapped him of any desire to do much work (poor baby). When I asked him if he wanted me to just give him an ‘A’ his response was, “Well...yeah.”

I give him 2 semesters—only because I assume the scholarship has been granted to him on a year by year basis.


20 posted on 05/18/2013 6:42:07 AM PDT by MarDav
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To: kearnyirish2

If they change their names to Pedro or Maria and say they are from Mexico they might be able to earn a living. Or they can move to India and change their names to Indira and Raj.


21 posted on 05/18/2013 7:34:27 AM PDT by Freedom of Speech Wins
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To: george76

Another part of the college-industrial complex - Obama nationalized student loans, and the federal government now makes $100 billion in profit from them. The federal government has a higher profit margin for the student loan program than many companies; I think I read this in Investor Business Daily.


22 posted on 05/18/2013 8:11:01 AM PDT by tbw2
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To: george76
I sent my home educated kids to junior college with a load of AP scores at the ages of 15 & 16 (and I'm kicking myself for not sending the older one two years earlier). The younger was tutoring calculus at 16. After three years at JC, one went to Stanford with plans for a double major in engineering and microbiology; the other went to Utah State on a full scholarship in business and animal science. She'll be a teaching fellow next year, at 19.

Between the two, the elder is getting a better education at Stanford, but only because microbiology in soil is so new and dynamic that there are no texts. She reads papers and participates in small discussion groups. It is incredible how fast she is advancing.

Yet for all that, think about it for a minute. The best of her education consists of downloading papers and having a discussion that could be held over a glorified version of Skype. There really is no need for a bricks and mortar institution beyond the laboratories.

What needs to be undone is the monopoly on State sanctioned credentialing coupled with a transformation of early child educations. Here's how: Knowledge Economy: A Workable Plan to Transform Education.

23 posted on 05/18/2013 8:12:55 AM PDT by Carry_Okie (An economy is not a zero-sum game, but politics usually is.)
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To: george76

All of this was a result of Griggs vs Duke Power.

Companies needed a way to validate capability without direct testing by themselves.

Enter the College-Industrial Complex stepped in to fill the void.


24 posted on 05/18/2013 8:46:30 AM PDT by Ouderkirk (The Government is actively preparing to go to War with a significant portion of its own Citizens.)
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To: george76
More
Bullshyte
Ahead
 
Sponsored by the same Ivory tower super geniuses who put the wheels on the Subprime AAA Jackwagon. 
 
What's the return on that when you pull a TARP over it?  
 
Anybody,
Anybody,
Buhhhhhler?

25 posted on 05/18/2013 8:52:09 AM PDT by TArcher ("TO SECURE THESE RIGHTS, governments are instituted among men" -- Does that still work?)
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To: george76

This is nothing more than Liberal/Progressive professors and administrators, squeezing money out of folks. Everyone wants to send their kid to college. So, they pay whatever is necessary. Just like the moron in the White House, they keep on doing whatever they can get away with.

You hear of tuition rates going up in California and kids protesting. Do they ever talk about cutting some of the waste, salaries or other perks of the professors and administrators.

The other day there was an article about college presidents making obscene amounts of money. Where’s that money coming from?

When parents started opting to send their kids to local schools, look what happened, tuition started to rise like everywhere else.

Tuition is nothing more than tax revenue for the schools. The more kids, the more they want, the more they get.


26 posted on 05/18/2013 8:55:11 AM PDT by qaz123
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To: george76
 
This...Just....In....
 

"Shyte, 7 years of college down the drain!"

-- Senator John Blutarski

 

Fat, Drunk and Stupid DEAD is still no way to go through life.

 

27 posted on 05/18/2013 9:06:33 AM PDT by TArcher ("TO SECURE THESE RIGHTS, governments are instituted among men" -- Does that still work?)
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To: NoKoolAidforMe

“Teachers unions are bankrupting the local governments.”

Many Americans (especially those that aren’t crushed as badly as us here in NJ by teachers’ unions) have no understanding of these unions. They are the leadership and owners of the Democratic Party (not “supporters” of it, or “represented by it”); if you have any doubts watch how many times Obama plugs them even when it is completely irrelevant. In discussions about cutting costs their puppet spouts silliness about 100,000 new teachers (he calls for this repeatedly); they are parasites on the taxpaying public and oppress them endlessly. THAT is the real reason why Dems have the welfare vote in the bag; it is a population that has never paid a teacher in their lives, and have no intention of ever doing it.

The only people I know who are better off then four years ago are public school teachers; they insulate themselves with raises that far outpace the inflation their Dem puppets won’t even acknowledge, and here in NJ they are directly responsible for a large number of foreclosures. It is difficult to sell a modest $250K house in a so-so neighborhood when it comes with a property tax bill of nearly $1,000 per month, especially as more and more of the population is working as temps or part-time.


28 posted on 05/18/2013 9:07:49 AM PDT by kearnyirish2 (Affirmative action is economic war against white males (and therefore white families).)
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To: Freedom of Speech Wins

While illegals have to be dealt with (and legal immigration, especially H1-B visas, have to be overhauled), the standard of living of these people is not enviable. Granted, they’ll never have to work a day in their lives with all of the freebies, but they will live in neighborhoods you wouldn’t want to be caught dead in at noon. They only come here because being poor here is better than being poor south of the border; at least here our poor people have a diabetes/obesity epidemic.


29 posted on 05/18/2013 9:10:44 AM PDT by kearnyirish2 (Affirmative action is economic war against white males (and therefore white families).)
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To: kearnyirish2

They might have been scammed, but they loved every second of it. And they will receive the full benefit of the results of obama’s policies.


30 posted on 05/18/2013 9:15:32 AM PDT by sport
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To: sport

“They might have been scammed, but they loved every second of it. And they will receive the full benefit of the results of obama’s policies.”

They are receiving “the full benefit”, and they’re not enjoying it. How long can people watch commercials with products they can’t buy, sharing them with families they can’t afford, etc.?


31 posted on 05/18/2013 10:54:18 AM PDT by kearnyirish2 (Affirmative action is economic war against white males (and therefore white families).)
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