The Higher Education System is Just Broken Unless We Reinvent It

“When someone tells me he’s a Christian businessman,” my former law partner once observed, “I put my hand over my wallet.”

I feel much the same way whenever I read some policy wonk’s sweeping plan to solve the student-loan crisis. After we’ve listened to all the bells and whistles, we always discover that the grand scheme is just another pitch to pump more federal money to the academic racketeers and hucksters that run the nation’s universities.

And this brings me to an article by Kevin Carey titled “How to Save Higher Education,” published recently in Washington Monthly. Carey proposes “a new higher education ecosystem that works for everyone, not just the chosen few.”

So what would the new ecosystem look like? Carey wants to give “a direct annual subsidy of $10,000 per full-time-equivalent student” to any college (public or private) that agrees to adopt a “uniform pricing system.” Students from

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