The simple chart below from the American Enterprise Institute beautifully illustrates the absurd inflation of college tuition and textbooks over the past 20 years. In real terms, the cost of college has effectively doubled over that time period. Now what would cause such massive inflation? Could it be our government tripping over itself to provide cheap student loans for children to spend on vacations, iPads and kegs (i.e. “college”; see “What Student Loans Are Used For: Vacations, iPads, Kegs, Entertainment“). Or, per the Daily Caller, perhaps the issue is administrative bloat at our institutions of higher education:
The exact reason prices have increased so much has been hotly debated, but one critical factor at most schools is administrative bloat. While student to faculty ratios have remained relatively steady over time, the number of administrators and other non-teaching staff has exploded at schools across the country.
But we don’t want to stress out our young Millennials too much. We’re quite sure the debt burden associated with your $200,000 anthro degree will be socialized very soon.