Okay so, tuition costs at America's colleges and universities has grown at 8% per year. That's an incredible growth rate, and it is a financial bubble in the making. We are told that more kids need to go to college so they will be experienced, able to work in our modern economy and the innovative age as the jobs become so much more technical due to the onslaught of new technology. However, if we don't get our student loan crisis under control, we are in for a world of hurt just as we were when the real estate bubble popped. Okay so let's talk about this.
One thing I find rather unfortunate is that when we ask academics what to do about our future, and how to keep America on the right track, their answer is to send more kids to college. Okay, but coming from them isn't that a little self-serving? Formerly, before retirement, I was an entrepreneur and whenever I went to one of my attorneys to ask them how I should go about something, they would tell me that they could handle my problem for a fee, in other words; pay them. Again a little self-serving I'd say.
How can we trust academia, at a time when tuition costs are skyrocketing, on the topic of; what to do about the economic situation being caused by our student loan crisis, as student loans outstanding are now over $1 trillion and growing, meanwhile, each year we don't fix the problem, they keep going up. Each time we offer lower interest rates so more kids go to school, the supply and demand causes the universities and colleges to raise their tuition costs once again. There is no reason for them to make drastic cuts as long as there are more students waiting to get in the door.
Many people complain about the military-industrial complex, but I'd say we have an academia industrial complex, and it's time to do something about it. I also find it unfortunate that the same folks who are running academia are also advising our government how to run its budget and economic affairs. Why should we listen, they obviously can't run their own without taxpayer subsidized loans and funding. Meanwhile, we still have tons of unemployed people, and not enough jobs.
Some say there are plenty of jobs for highly skilled and technologically achieved or educated workers. But in reality it seems that robots, software, and high-tech equipment are replacing human workers faster than we can train them anyway. Soon, the robots will be building themselves, the software will be artificially intelligent nd writing its own algorithms, and all that high-tech equipment will be doing all of the rest. And the taxpayer will be stuck with all of those defaulted student loans. May I ask; why it makes sense to continue down this path? Please consider all this and think on it.
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