Back in the old days, my friends and I worked year-round to defray the cost of college. We graduated from a top-line university with no debt and an engineering degree. Paying your own way generates incentive to succeed, and we would not have studied engineering if the market was not looking for engineers. Today, government loan guarantees make it very easy, if not downright attractive, to party through four years of college while obtaining a degree that never was, and never will be, valuable enough to justify the massive debt incurred. Governments invariably disconnect market forces when they decide to elbow their ways into commerce, and earning a college degree is definitely a commercial endeavor.
In President Barack Obama's 2012 State of the Union address, he said that "higher education can't be a luxury. It is an economic imperative that every family in America should be able to afford." Such talk makes for political points, but there's no evidence that a college education is an economic imperative. A good part of our higher education problem, explaining its spiraling cost, is that a large percentage of students currently attending college are ill-equipped and incapable of doing real college work. They shouldn't be there wasting their own resources and those of their families and taxpayers. Let's look at...
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