July 20, 2011
HIGHER EDUCATION BUBBLE UPDATE: Michael Barone: Will The College Bubble Burst From Public Subsidies?
“A true bubble is when something is overvalued and intensely believed,” he has said. “Education may still be the only thing people still believe in in the United States.”
But the combination of rising costs and dubious quality may be undermining that belief.
For what have institutions of higher learning accomplished with their vast increases in revenues? The answer in all too many cases is administrative bloat.
Take the California State University system, the second tier in that state’s public higher education. Between 1975 and 2008 the number of faculty rose by 3 percent, to 12,019 positions. During those same years the number of administrators rose 221 percent, to 12,183. That’s right: There are more administrators than teachers at Cal State now.
These people get paid to “liaise” and “facilitate” and produce reports on diversity. How that benefits Cal State students or California taxpayers is unclear.
Read the whole thing.