Home
/
RELIGION & LIBERTY ONLINE
/
The Pin that Might Pop the Higher-Ed Bubble
The Pin that Might Pop the Higher-Ed Bubble
Dec 24, 2025 10:21 PM
mented last week on the “textbook bubble” (here) and mented in the past on the “higher-ed bubble” and the character of American education more generally (see here, here, and here). To briefly summarize, over the last few decades the quality of higher education has diminished while the cost and the number of people receiving college degrees has increased. The cost is being paid for, in large part, through government subsidized loans. But with the drop in quality and increase in quantity, a college degree is not as impressive as it used to be; in many cases it no longer signals to employers what it used to. When a critical mass of those loans goes into default, we will have another housing-bubble-esque crisis on our hands. At the same time, government loans, which are largely indiscriminate with regard to the risk of the applicant and guaranteed on the backs of taxpayers, have incentivized colleges and universities to raise the costs to students for the sake of increased expenditures, inflating the bubble even more. Now, Alex Williams of The New Times reports last Friday,

The idea that a college diploma is an all-but-mandatory ticket to a successful career is showing fissures. Feeling squeezed by a sagging job market and mounting student debt, a groundswell of university-age heretics are pledging allegiance to new groups like UnCollege, dedicated to “hacking” higher education. Inspired by billionaire role models, and empowered by online college courses, they consider themselves a D.I.Y. mitted to changing the perception of dropping out from a personal failure to a sensible option, at least for a certain breed of risk-embracing maverick.

An increasing number of students are realizing that they, to quote Good Will Hunting, do not want to be $150,000 in debt for an education that they could have gotten “for a $1.50 in late charges at the public library.”

Now, of course, not everyone can be Steve Jobs or Mark Zuckerberg or Will Hunting, and not every career can do without higher-ed (I would not want a physician with a D.I.Y. education, for example). But for the many careers that have e to expect degrees, the enterprising activity of those who are passing on college to get an early start on building invaluable experience, connections, and hands-on knowledge without tens of thousands of dollars of debt from the starting gate may signal that the tides are changing for higher-ed. If more and more people prove to be just as marketable without a degree and have the experience to prove it, won’t employers catch on soon enough, rendering many degrees to be more useless than they already are? Is this the pin that will pop the bubble?

Well … maybe. In all likelihood, if the bubble pops a variety of factors will be to blame. And while I certainly do not think economic crises are good things, the hardship that e if our society’s attitudes and practices toward debt do not change—whether toward school debt or otherwise (such as credit card debt or government debt)—may be precisely what we deserve for making unsustainable promises to whole generations that are proving to be more akin to Ponzi schemes while, at the same time, refusing to make the hard choices necessary to prevent ing of such a crisis. No economic crisis e that is not also moral and spiritual at its heart, and the popping of the higher-ed bubble will be no exception if—or more likely when—it happens.

For my part, I love higher education and hope for the best. On the other hand, I also love my generation and believe that we have a moral duty to do what we can to prevent future generations from ending up with such large debt and diminished opportunity as Millennials have inherited. If enough of these “risk-embracing maverick[s]” prove successful, not only will another path be open for many who struggle with whether or not college is worth the cost for them, but the enterprise of today’s “university-age heretics” may prove far more effective than college degrees in creating the wealth and jobs necessary to e any crisis that the future may hold. The fact that a growing number of intelligent young people are willing to take such entrepreneurial risks, though bad news for higher-ed, is good news for our society as a whole and ought to be ed, even encouraged.

Comments
Welcome to mreligion comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
RELIGION & LIBERTY ONLINE
John Mackey: Is Conscious Capitalism Enough?
John Mackey, the well-known CEO of Whole Foods, sat down for an interview with Reason TV’s Nick Gillespie this week and I found a few quotes from their exchange particularly interesting. You can watch the full interview here: John Mackey Video When asked what the original “higher purposes” of his business were when Whole Foods began, Mackey responded: “Sell healthy food to people. Make a living for ourselves. Have fun. But our purposes have evolved over time…I would say one...
What Economics Can’t Explain
Tyler Cowen has an interesting column in last Sunday’s New York Times, arguing that despite run-of-the-mill objections to “cold” and “heartless” economic analysis, economics is, as a science, “egalitarian at its core”: Economic analysis is itself value-free, but in practice it encourages a cosmopolitan interest in natural equality. Many economic models, of course, assume that all individuals are motivated by rational self-interest or some variant thereof; even the so-called behavioral theories tweak only the fringes of a mon, rational understanding...
Nuns, 60 Minutes, Go After Rep. Paul Ryan
Last week’s spike in gasoline prices hasn’t slowed Nuns on the Bus a whit. The nuns and Network, their parent organization, are squeezing every drop of mileage out of their new-found fame, which has more to do with supporting liberal causes than reflecting church principles of caring for the poor and limiting government’s role in the private sector. Over the weekend, the CBS program 60 Minutes had a sympathetic overview of the supposed Vatican crackdown of the sisters’ activities –...
Keeping Tax Cheats on the Government Payroll
If a worker owes their employer thousands of dollars and refuses to pay the debt, should they be fired or have their wages garnished? What if the employer is the federal government? Astoundingly, more than 100,000 federal employees owe more than $1 billion in federal taxes. To provide an incentive for them to pay up, a mittee approved legislation that would require the firing of government workers who are “seriously tax delinquent.” The Federal Employee Tax Accountability Act of 2013...
Church, Culture, and the Gospel as Pearl and Leaven
Over at the Hang Together blog, Greg Forster takes a long look at the images of the gospel as “pearl” and “leaven” and the implications for Christian engagement and creation of culture, particularly within the context of the Great Commission and the Cultural Mandate: The main difficulty we seem to have in discussing Christian cultural activity is the strain between two anxieties. These anxieties create unnecessary divisions between brothers, because those who are more worried about making sure the gospel...
Young Adults Lag In Wealth Building
According to a new study by the Urban Institute, “when es to saving, owning a home, paring down debt, and growing a retirement nest egg, those under age 40 have stagnated as their parents’ generation accumulated.” Average household net worth, even after the ripples of “the Great Recession,” nearly doubled from 1983 to 2010, but not for those born after GenXers or Millennials (those born after 1970). In fact, the average inflation-adjusted wealth in 2010 for young adults was 7...
Video: Rev. Sirico on Avoiding Economic Disaster
The Montreal Economic Institute produces a “Free Market Series” of videos interviewing experts such as Michael Fairbanks and Steve Forbes. This video highlights the Rev. Robert Sirico discussing the role of free markets in economics, and the false sense of utopia offered by other economic systems. “People are beginning to understand that we can’t create a utopia just by wishing it into existence, that we can’t abolish the right to private property, that if we do we create economic disaster.”...
Acton Institute Windows Phone App Released
Note: We’ve discovered an issue with different phone resolutions and app patibility. This includes the Lumia 920 and HTC 8X phone models. This error will be corrected soon and the post will be updated. Currently, the app works on phones with the same resolution as the Lumia 822 (from Verizon). We’ve launched a new app for phones that allows individuals using Windows Phones to access new content from Acton Institute. This app joins our current lineup of Apple and Android...
Monks vs. Morticians in a Fight Over Freedom
The morticians wanted the monks shut down—or even thrown in jail—for the crime the Benedictines mitting. Until 2005, the monks of St. Joseph Abbey in St. Benedict, Louisiana had relied on harvesting timber for e. But when Hurricane Katrina destroyed their pine forest they had to find new sources of revenue to fund the 124-year-old abbey. For over 100 years, the monks had been making simple, handcrafted, monastic caskets so they decided to try to sell them to the public....
The Legacy of Racism and Surrogate Decision-Making
In 1989, Erol Ricketts, a researcher with the Rockefeller Foundation, found that between 1890 and 1950, blacks had higher marriage rates than whites, according to the U.S. Census. The report, titled “The Origin of Black Female-Headed Families,” published in the Spring/Summer issue of Focus(32-37), provides an overview that highlights an important question. Ricketts observes that between 1960 and 1985, female-headed families grew from 20.6 to 43.7 percent of all black pared to growth from 8.4 to 12 percent for white...
Related Classification
Copyright 2023-2025 - www.mreligion.com All Rights Reserved