Why Corvettes Cost Less Than College

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Froma Harrop,
a columnist with the Providence Journal, has an interesting
op-ed
in papers across the country today.

The title is
"Why Corvettes Cost Less Than College" and it’s about,
as Harrop describes on her website, "the bubble economy of
higher ed."

Some selected
passages:

"American
colleges continue to float in the bubble of economic exceptionalism
once occupied by Detroit carmakers. American median income has grown
6.5 times over the past 40 years, but the cost of attending one’s
own state college has ballooned 15 times. This kind of income-price
mismatch haunted the housing market right before it melted down."

In fact, college
tuition has gotten so expensive, the father of a Kenyon College
student told Harrop, "It’s like driving a new Corvette to Ohio
every September, leaving the keys and taking the bus home."

Today, US universities
take in $40 billion a year more than they did 30 years ago. And
according to Andrew Hacker and Claudia Dreifus in their book, Higher
Education? How Colleges Are Wasting Our Money and Failing Our Kids
and What We Can Do About It
, Harrop points out, that money
is not being used to educate our kids.

  • Duke University
    spends over $20,000 a year per varsity golf player.
  • There are
    629 college football teams, 14 of which make money.

Read
the rest of the article

September
24, 2010

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