A few years ago, Mark Cuban gave what he called “soapbox advice” to the Occupy Movement by way of a long blog post. In it, he also talked about the idea that college loans had basically become predatory.
Since then, I’ve noticed out-of-area colleges advertising on billboards like never before. All of the marketing going on in higher education has solidified my view that higher education is truly in an unsustainable market bubble.
For that reason, I support the President’s plan to make community college free. He’s deflating the bubble before it bursts. He’s also right to say that we need more people in essential professions than the current way of doing things can reasonably produce. And Cuban’s right about loan debt precluding recent grads, or grads 10 or more years out of college, from participating in the economy.
The system of pricing and paying for higher education is broken. Like the broken housing market before it, it’s leading more and more people to economic calamity with a sort of “trust us” je ne sais quoi. Before he’s through, I expect Barack Obama to enact the largest presidential pardon in history: the near total forgiveness of outstanding student loans according to some qualifying formula.