03/15/2019

College Scam: That’s Not The Half Of It

Abraham H. Miller, The American Spectator

The biggest college scandal in our history!” exclaims a news reader, referring to the indictment of William Singer, who organized a scheme so the wealthy could bypass the college admissions process and get their children into prestigious schools through a combination of fraud, deceit, and bribery.

The scandal might not have received the attention it generated had it not been for actresses Lori Loughlin and Felicity Huffman getting caught in the FBI’s net. If there are celebrities involved, the story must be important.

As offensive as this scandal is, it is nowhere near the biggest college scandal in our history. Our colleges and universities have long been mired in ongoing scandals, but they are so common that we hardly consider them newsworthy.

College tuition and textbook costs have climbed faster than any other component of the economy. At the same time, the value of a college degree in fields of questionable economic utility have correspondingly diminished. This has left many dropouts as well as graduates with large debt obligations and no real means to repay them.

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With interest rates flattened [by the Federal Reserve], government zeroes out the future. Abandoned were 80 percent of private defined-benefit pension plans. Public plans faced a similar evisceration in the future. With no acknowledgement, the U.S. government had casually dispossessed the American middle class of its retirement assets and pushed millions of Americans into acute dependency on government programs. ... Government dependency negated the American dream.

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