I just read the piece by Charlotte Allen that Robert mentioned, and it’s insightful. She is right that the root of the problem is the easy flow of federal loans meant to increase “access” to college. It’s the same as the federal government’s push to increase home ownership: a seemingly lofty goal that turns out to have terrible consequences for many individuals. (Of course, politicians don’t consider individuals when dreaming up grand-sounding social programs.)

The instance Allen cites of a woman who is struggling with huge college debts from an apparently unsuccessful first try at college and trying desperately to save enough money to go back to college is sad but enlightening. She is employed as a paramedic. If she eventually manages to get her college degree, will she be more productive in that or some other job? Is it likely that she will recoup the expense? Or isn’t it far more likely that some educational institution will have pocketed her very hard-earned money in exchange for an education that will do little or nothing to improve her life?

Apropos of my recent debate, just how does it make the American labor force any more competitive if this woman and many other people like her obtain college degrees?