Statistics for College Tuition

January/05/2015 5:51AM
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My last post addressed Elizabeth Warren and the academics in this world who are looting college students and putting the stiff wind to their faces for the rest of their lives. Here are a few statistics to support my charges. College tuition has gone up 1,100% since the late 1970’s while inflation in the same period is up 240%. In 2010 a study was done. It compared time in the classroom for professors to 20 years earlier. The teaching load is shrinking from 12-15 hours a week to 6-9 hours a week. Yet, 75% of a college budget is spent on personnel expense. The B.S. put out by colleges says professors must do increased research, more extensive classroom prep time, committee work, plus administrative and counseling time. Translation: your kid’s tuition pays their salaries but they double-dip with research and consulting time. And, like most bureaucracies, they keep adding administrators, which we will show, and that means more meetings to keep the non-teaching executives busy. Result: you pay a professor $200K to teach two to three classes a week for 28 weeks a year. Now, to that bureaucracy issue, the number of college administrators has increased 50% faster than professors in the past 15 years. Now it’s one per 3.5 students. Can you believe that? That’s a lot of babysitters for the professors and the students. What is God’s name are all these clerks doing? Building the college president’s empire, that’s what. Remember, it’s free money with zero accountability. Who cares? Do college presidents care that they are destroying the futures of their students with student loans that may never be able to be repaid? Maybe one in the entire country, Mitch Daniels the former governor of Indiana who is the president of Purdue. He’s been attacking the system and making some progress. But, the state universities of California hired none other than Janet Napolitano, former governor of Arizona, to run their numerous state colleges. She almost bankrupted Arizona while Daniels balanced the budget in Indiana. Old habits are hard to break, Purdue has frozen tuition costs for three years while California is in for more increases and the state legislators will probably do Janet’s bidding and raise them some more. The building spree at college over the past 20 years has doubled. Not for classrooms but for all sorts of prestigious frills like climbing walls, luxury dorms, student centers that rival the Four Seasons and other such nonsense. A few university presidents need to go to prison and share cells with those hated Wall Street people. Lock Napolitano up with Bernie Madoff, a perfect marriage. Except Bernie stole from the rich and Janet is stealing from the kids who borrow money to go to college. Elizabeth Warren doesn’t like Bernie, but she and Janet are friends. Here’s a thought. Maybe you parents who have young kids in EL-HI need to worry less about whether your favorite college team is going to make the playoffs and spend more time trying to figure out where the $250K is coming from for each of your rug rats college tuition. Less about whether that pro coach will take the $8 million a year to coach the football team and more about how to fire the jerk who is mishandling the entire institution. Believe me this is serious shit. With the single exception of Mitch Daniels, there is not one college president anywhere in this country who cares about fixing this problem. There may not be one idiot in Washington DC who thinks about it more than once a year. There may not be a parent with a kids younger than 15 who cares. But, there are one hell of a lot of young people between 16 and 30 who are worried sick. Try to pay back a $60K student loan when you are driving a cab with that degree in humanities and living in the parent’s basement. Wake up folks, you slept through the housing bubble. You watched while our federal government let the money flow through Freddie and Fannie and the FHA and forced banks to make bad loans in the name of diversity, and when it destroyed the economy, the culprits got off scott-free. The Dodd-Frank Act for two guys who should be in jail for doing the most to keep the money flowing. Now it’s flowing again to colleges through grants and to kids in the form of bad loans. People paid the price when houses were lost and jobs along with them. Markets went to hell and banks got bailed out. If you want to stop the train wreck this time, you better act now or just watch in a few years as the cars pile up.

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