Are We Spending Too Much on Education?

[Tony1941]

A recent note in the NY Times is reproduced below.

Spending Triples; Results Slide
August 23, 2011
Richard Vedder is the director of the Center for College Affordability and Productivity and teaches economics at Ohio University.
When companies devote increasing resources to something but see little positive return, they retrench and reallocate their resources. That is what society should do with respect to education. Spending on K-12 schools, adjusting for inflation and enrollment growth, has roughly tripled over the last 50 years, yet there is little solid evidence that today’s students are better prepared for work and citizenship than their grandparents were — and even some evidence that they are less so.
The university situation is similar, with two-fifths of those entering college failing to graduate within six years, the average college enrollee spending less than 30 hours a week on academics, and a major recent study by Richard Arum and Josipa Roksa showing that there is little advancement of critical thinking or writing skills while in school. Moreover, college costs are soaring, and almost certainly the education system is becoming less efficient, at a time when labor productivity is rising elsewhere.
The icing on the cake is the total disconnect between student job expectations, college curricula, and the realities of today’s labor market. More college grads are taking low-skilled jobs previously occupied by those with high school diplomas -- more than 80,000 bartenders, for example, have at least a bachelor’s degree. If students are successful in graduating (a big “if”), they often are saddled with debt and only able to get a relatively low-paying job.
Improvements in outcomes depend on the three I’s of reform: information, incentives and innovation. We poorly measure much of what we do, particularly educational outcomes, so better information is needed.
Teachers and administrators currently have little incentive to deliver superior outcomes or reduce costs. Finally, better and more affordable education requires more aggressive use of modern technology -- innovations.
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Topics: Economy, Education, students, unemployment

My own observations, as an adjunct faculty member at two local areas schools, lead me to believe that the decline of the US manufacturing has led to delay in entrance into the work force. Unfortunately, this delay (vacation, quest,....) comes with a price tag well in excess of $50,000 even for the cheapest package. At some lower quality educational spas, the cost exceeds $50,000/year which is covered by parents and student loans.
Recently,it was announced that total amount outstanding in student loans exceeded a trillion dollars with an annual default rate of 7 to 8% or 70 to 80 billion dollars.
I drank some Mayan chiche and have seen the future. It does not look promising. I can envision that in 2012, the streets of the US and the world will be covered in blood.
It looks to me that the Mayan prediction of the end of the world on the winter solstice of 2012 may be correct.

Well as long as I have my bottles of Mayan chiche to help me out, I shall be happy.

[clarkkenny]

In order for your education to give you the financial and professional returns you seek, you need to remember a few things. Firstly, the college you get your degree from matters a great deal. Make sure that the college is accredited, well rated, and highly ranked. There are plenty of scam schools and diploma mills out there; any degree with them will be a waste of your time and effort. Secondly, the program you pursue is important as well. You need to find something that engages you, keeps you interested, but also will lead to employment opportunities. Look at current employment trends before you pick a major. Degree programs in healthcare, business, graphic design and IT tend to be good in terms of job satisfaction and employment opportunities.