High Cost of Education - Why?

When I went to college, starting in 1980, the cost was a bargain compared to today. In 1980, I think it cost about $1000 a year. I enjoyed college sooo much I wound up going for seven years!! Of course, I didn't go for education but went to party my ass off. I was not very productive... I majored in sex, drugs and rock and roll. It's truly amazing I survived to become such a productive member of society.

For some time now, we've heard about the increased cost of higher education. How it's increased over the years.

For the 2000-01 academic year, annual prices for undergraduate tuition, room, and board were estimated to be $7,621 at public colleges and $21,423 at private colleges. Between 1990-91 and 2000-01, prices at public colleges rose by 23 percent, and prices at private colleges increased by 27 percent, after adjustment for inflation.

And how it's eaten into the median family income:

Tuition has risen 126 percent (after inflation) since 1984 and is eating up an ever-growing chunk of family incomes. In 1984, the tuition and fees at a public, four-year college was just 4.8 percent of the median family income; today it's 9.5 percent.

These stats are from almost a decade ago and the increase is far greater today.

• The cost of tuition, fees, room, and board at public four-year universities has increased 52 percent, from $8,439 in 2000-2001 to $12,796 in 2006-2007 (in current dollars); and
  

• The cost of tuition, fees, room, and board at private four-year universities has increased 37 percent, from $22,240 in 2000-2001 to $30,367 in 2006-2007 (in current dollars).

We've heard about Obama's desire to provide affordable higher education to the masses:

we will keep our promise to every young American: If you commit to serving your community or your country, we will make sure you can afford a college education.

[...]

Finally, Obama says he will create a tax credit that would ensure the first $4,000 of a college education is free for most Americans.

This sounds great. I'm not exactly sure how he's going to pay for it all with the tax credits. But I can guarantee you the cost of higher education explode of the government winds up paying for everyone's college expenses. It's just economics. The universities will begin to inflate the fees knowing the government will payout. When the money finally runs out, where will we be left...

Now here the jest of this post.

Have any of you looked at the endowments of the major universities? Here's a definition of endowment:

Dictionary: endowment (ĕn-dou'mənt)
n.

1. The act of endowing.
2. Funds or property donated to an institution, individual, or group as a source of income.

Notice the phrase 'source of income'. It amazes me our higher learning institutions are charging outrageous tuitions while hoarding vast sums of money. Harvard's endowment in 2007? It's $34.6 BILLION dollars !! That's $1,456,940 per student (2006)!! Yale? How about $22.5 billion!! Public systems are not as fortunate, but let's not feel too sorry for them. The University of Texas has an endowment of $15.6 billion, University of Michigan has $7.1 billion...

I find it truly amazing all the major universities have such a vast pool of money they are accumulating while raising the cost of tuition at such an inflated rate. Where's the outcry from the Democrats? Why aren't they targeting their excesses? Could it be because the campuses are their playground?

I'm not for playing Robin Hood by taking from the rich and giving to the poor (or Obama's desire to 'spread the wealth'). So I'd like to be consistent. But what's the difference between high class executives getting such high salaries while their workers earn such meager wages and high class universities gorging on such exorbitant endowments (not to mention high faculty salaries) while placing their student body in such debt? Where is the common good in this?

Until the Democrats address such inequities, I'll judge them to be insincere and in the pocket of the intelligentsia just as the Republicans are in bed with the corporate oligarchy.

Either way both parties have become our plutocracy, our ruling elite...

peace