The views of a libertarian businessmen with an elite education:
"While the bursting of the housing bubble has dealt the US economy a body blow, there may in fact be an economic bubble with far more substantial consequences to our prosperity: the college education bubble."
"The more important cost will be from decades of mis-allocation of resources that likely is already costing our economy trillions in lost growth and productivity. I will tell you something almost every business owner knows: We business owners may whine from time to time that banks won’t lend us money, but what really is in short support are great people. Nothing has more long-term impact on an economy than amount and types of skills that are sought by future workers. That is why everyone accepts as a truism that education is critical to economic health."
"Yes, we will have to bail out some student loans, and it will likely cost us tens of billions of dollars. But that cost will be trivial compared to the toll that thirty years of mis-directed education will take on the economy. Many folks on both sides of the political aisle are lamenting a stagnation in wages and productivity — can there be any doubt that there is a connection to our mis-allocation of education investment?"
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