College Bubble Bursting Thanks to COVID-19

On the campus of Syracuse University in early 2020 (Maranie Staab/Reuters)

If there’s a silver lining to COVID-19 other than improving people’s hygiene, it is the way the pandemic is deflating the college bubble. There’s plenty of evidence and, in this Oct. 1 Wall Street Journal piece, Steve Moore provides a bit more.

He writes about his son’s experience at Villanova. Instead of returning to school at high cost ($70,000 per year) for online courses, he decided to get a job instead. He’ll probably learn more useful stuff at whatever job he has than taking classes.

Moore writes that this trend is frightening to the people who run our higher education system: “They are terrified that kids will save $150,000 by learning everything they need online…. Administrators and professors get paid in full even though most refuse to come anywhere near their students.”

College credentials have become overhyped and overpriced. Now we’re starting to see the market correction.

I read that Moore is co-founder of an organization named the Committee to Unleash Prosperity. America will have a better chance of doing that if we stop wasting so much time and money on college degrees, especially since many students leave college with a lot of foolish ideas about economics, history, and so on.

George Leef is the the director of editorial content at the James G. Martin Center for Academic Renewal.

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