NYU Business Prof: Covid Has Begun a Long-Overdue Collapse of the American Education System, and They Deserve Everything They're Going to Get

My Mom still has the receipts from my freshman year at FSU. Tuition, room and board and books $1,205.

Hopefully, face masks are temporary.

In my work, I take over 100 hours training per year, the vast majority of it online. I have certainly learned a lot more from this training than I did in all my years in school, college, and grad school. And in my free time, I like to read on many online sites. The old education model is antiquated and way overpriced. The teachers union and the left is preventing us from progressing into the 21st century.

The price of an often useless degree now outrages me. I think it’s plunder.

I predicted this months and months ago.

As I posted before, I believe the problem is that universities are putting out a product that there is no demand for.
I believe it's a three-fold issue.

The job market isn't paying the salaries.
The students aren't pursuing the marketable degrees.
The universities are cranking out graduates without regard to whether the job market is there for the graduates. In other words, they are graduating buggy whips.
The causes for #1 are two-fold:

The jobs are being off-shored to lower-cost geographies.
The cheaper workers are being imported via H-1B visas and are displacing our graduates.
The causes for #2 are two-fold:

The students are choosing social-justice degrees with no anchoring in reality.
The K-12 schools are socially promoting students who either aren't ready for college or are better suited to trade studies.
The causes for #3 are two-fold:

The students have been socially indoctrinated to believe the only way to succeed is with a college degree, so everyone must now go to college.
The change to government-sponsored student loans has made it easy for universities to pad their enrollments in order to get the funding to sustain their tenures and research programs.
I believe that if there is a market balance between supply and demand then the price paid will equal the cost plus profit. If the universities were balancing the supply of graduates with the demand for graduates, this would mean that the graduates were being paid a salary that allowed them to pay off their loans plus their living expenses.
The fact is that the university degree market is completely unbalanced and out of whack. Young students may be making good decisions to pursue a degree, but many are too uninformed at that age to understand that the universities are glutting the market right now. The universities have built up a capital investment in professors and manufactured an inventory of graduates that can't be sold.
The university result will eventually be the same as a business selling unwanted products: their inventory of unsold graduates will lose their value (in terms of alumni donations, university brand reputation, etc.), and the university might eventually go out of business if they can't get new student enrollments because the word is out that their graduates are unemployable.
Is all of this the fault of the student loan scam? Is it the result of students making bad career decisions? Is it the fault of businesses that are looking for cheaper workers or exporting jobs? Is it the fault of universities hungry for students flush with loan cash that they keep taking them in regardless of the ability of the job market to absorb the graduates?

It's nice to see it validated by a college professor.

-PJ

Exactly so! Perhaps even theft!