A few years ago, the country became aware of a “bubble” building in higher education, as it had in housing.Harvard, Legendary Home Of Harvard Lampoon, Strangles Campus Satire Capital Flows Capital Flows ContributorBen Bernanke’s War On Senior Citizens Capital Flows Capital Flows ContributorThe Republican Party Has A Brand Problem,
And We Have The Evidence To Prove It Capital Flows Capital Flows ContributorHanukkah’s “Don’t Tread On Me” Message Is Universal In Its Appeal Capital Flows Capital Flows ContributorExcessive demand – based largely on easy credit, government subsidies and the overselling of a college education – caused academia to expand unsustainably.
Then came the economic downturn. With underemployed graduates and dropouts increasingly unable to repay loans, state legislatures cutting appropriations, and innovative competition making inroads, the bubble appeared ready to burst, or at least deflate.
That could mean – so the theory goes – devastation for traditional academia: declining enrollments, with some colleges forced to close, perhaps; a shift in emphasis from academic to vocational courses; more online education; an end to faculty tenure, and other drastic changes.
Now, however, it might be time to rethink that scenario. President Obama’s re-election could postpone any such bubble deflation. Given his penchant for rewarding big supporters, he is likely to make sure academia is taken care of…………………..