Colleges and Universities take Advantage of Students to keep that Tuition Money flowing into Big Education

Posted by PITHOCRATES - February 16th, 2014

Week in Review

Getting a college degree is expensive.  Because the greedy rich people running our colleges and universities keep raising the cost of tuition, forcing students to take out bigger and bigger student loans to satiate their greed.  And to make matters worse they often sell them worthless degrees for the current marketplace.  Often giving students poor advice.  Getting them to commit to those big student loans by hook or crook.  Taking advantage of these young students’ trust in them.  Anything to keep that money flowing into Big Education (see What you wish you’d known about college ahead of time by Caitlin Moran posted 2/14/2014 on The Seattle Times).

We received several thoughtful responses to our most recent reader question, which asked: “What do you wish you had known about college ahead of time..?”

Here are a few examples of what our readers said they wish they had known about college when they were younger. Some responses have been edited for length and grammar.

I wish I had known to do more research about my major and what it would actually do for me job-wise. I don’t use my degree for my job now, and I keep hearing about many people who take out huge school loans and graduate with few job skills. I worked my way through school, which was not fun, but at least I got out of college debt free. With recent tuition hikes, getting out debt free is much harder, and students need to make sure the loans will be worth it…

I wish I’d known I should know more about the world before going to college, so I had some idea why I was going. Had I known more about careers, skills and background for careers, and myself, I would have made different choices in college. I wish I had worked for a year or two, known what it was like, and known more about what I wanted.

Of course Big Education is not all that concerned about giving you the skills and background you need for a successful career.  They just want your money.  And to turn you into Democrat voters.  While keeping you Democrat voters as long as possible.  And being indebted by a degree that doesn’t help you make any more money than you could have without that degree goes a long way of making you dependent on Democrats in government.  Because rich and successful people need no help from the government.  Ergo the selling of so many worthless degrees.  To keep these people from becoming rich and successful.  Where they might do something harmful to Big Education.  Like voting Republican.

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The Cost of Higher Education rose Twice as Much as Health Care Costs

Posted by PITHOCRATES - August 31st, 2013

Week in Review

It’s bad enough that higher education is programming our kids to become good liberals.  But their getting rich in the process is just rubbing salt into the wound (see College Costs Surge 500% in U.S. Since 1985: Chart of the Day by Michelle Jamrisko & Ilan Kolet posted 8/26/2013 on Bloomberg).

The cost of higher education has surged more than 500 percent since 1985, illustrating why there have been renewed calls for change from both political parties.

The CHART OF THE DAY shows that tuition expenses have increased 538 percent in the 28-year period, compared with a 286 percent jump in medical costs and a 121 percent gain in the consumer price index. The ballooning charges have generated swelling demand for educational loans while threatening to make college unaffordable for domestic and international students.

What expenses does a college have?  There are shelters (i.e., buildings) where students sit and learn.  But shelter costs rose nowhere near the amount going to college did.  So it’s not the buildings.  So what else do colleges have?  That tuition pays for?  Excluding books and living expenses that are above and beyond tuition expenses?  Well, the only other thing they really have are people.

College administrators and college professors.  If the high tuition costs are not due the costs of the buildings on the college campus then we must be paying the people too much.  In pay and benefits.  So let’s crunch some numbers.

The average annual cost for a 4-year public college is about $18,000 (see The Average Cost of a U.S. College Education posted 8/24/2010 in US News and World Repot).  Based on a typical enrollment of 40,000 students that comes to an annual college revenue of $720,000,000.  If the college has $1.5 billion in debt on its books for capital improvements on average at 6% that comes to an annual interest expense of $90 million.  Let’s assume they retire $50 million in debt every year.  And their operating costs (everything else but pay and benefits for administrators and professors) are, say, $25 million.  Subtracting all this from the annual tuition revenue leaves $555 million for pay and benefits each year.  Assuming a professor/administrator for each 20 students that gives us 900 professors/administrators.  Dividing this into that $555 million gives us about $617,000 per professor/administrator annually.

This is just a rough estimate but it does give you an idea about the amount of money we’re talking about here.  Not all professors are making $617,000 but if you’re tenured you’re living well.  Very well.  And administrators typically live far better than tenured professors.  This is what students are going in debt for.  To give a privileged few a life others can only dream about.  Worse, a lot of these students who graduate have an unmarketable degree.  In an economy where employers are looking for people with math and science skills people with degrees in romantic languages or gender studies will not fare well.  But the people who sold them those degrees will be doing very well.  This is why we have a student loan debt problem.  Students took on enormous debt for a degree they can’t use.

Everyone loves to complain about the high cost of health care.  And demand that government do something about it.  Well, they did.  They gave us Obamacare.  Which promises to squeeze hospitals and doctors.  To make them do more for less.  Obamacare is so bad that it is causing some doctors to retire early.  Just so they don’t have to deal with it.  Yet the cost of college has gone up at twice the rate of health care costs.  But where is the outcry over that?  Where are the people demanding that government do something?   To squeeze those universities, professors and administrators?  Why should they get rich at providing education.  If doctors shouldn’t get rich saving lives why should educators be allowed to get rich selling unmarketable degrees?  Just why is it educators can get away with being the greediest of the greedy and escape government scrutiny?

Because they teach their students to be good liberals, that’s why.  And this is so valuable to Democrats that they are willing to raise the taxes on their constituents as much as it takes.  Because without the programming higher education provides few would vote Democrat.

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FT169: “College is more about making Democrat voters than giving students marketable skills.” —Old Pithy

Posted by PITHOCRATES - May 10th, 2013

Fundamental Truth

Another Big Reason why College Tuition has been Soaring is because of Public Sector Unions

College tuition is rising.  With increases greater than the rate of inflation.  With some tuition costs growing greater than costs in health care.  There are many reasons for this.  Unlike private sector business colleges cannot produce more with less.  That is, they cannot use productivity gains to educate more students with fewer professors.  Auto manufacturers can use robots to replace people on the assembly line.  Reducing wage, pension and health care costs.  The biggest costs that go into a car.

Universities are big campuses with lots of buildings that basically do one thing.  Sit students down in front of a professor.  This hasn’t change since the first days of higher education.  The only things that have changed are the buildings are a lot nicer.  And university employees all have better pay, pensions and health care than they used to have.  Which is why tuition costs keep rising.  For universities, unlike auto manufacturers, can’t speed up their assembly lines by using robots instead of people.  But it’s not only the auto manufacturers and the universities that have high labor, pension and health care costs.

Another big reason why university tuition has been soaring is because of public sector unions.  Who have negotiated some extremely generous union contracts.  Cities and states everywhere are drowning under the costs of their labor, pension and health care costs.  Forcing them to cut back spending elsewhere to pay for those generous public sector union contracts.  So they’re cutting back on their subsidies for higher education.  And what the state cuts the universities just tack on to the student’s tuition bill.

Universities lure High School Kids into College with Promises of a Big Paycheck for an Easy Degree

Today’s tuition costs will saddle a student with the kind of debt that can pay for a house.  A very big house.  One of those McMansions.  Depending on where you go to college.  Which is all well and fine if a student gets a high-paying job after graduating.  Sadly, though, a lot aren’t.  A lot are taking jobs that they could have gotten out of high school.  Without that massive student loan debt.  Debt they will be paying for a long, long time.  Making it very difficult for them to buy a house and start a family.  And the reason for this is too many students are taking degrees with no market value in a high-tech economy.

Today’s businesses are looking for people with a strong science and math background.  For this is what businesses in a high-tech economy need.  Not people with degrees in anthropology.  Philosophy.  Women’s studies.  Art history.  Comparative literature.  Communication.  Or a myriad of other degrees that a business just can’t use.  Yet our universities are selling these degrees.  Telling their prospective students who don’t want the heavy math load a science and engineering degree requires that these other degrees are just as good.  And that they, too, can have that big paycheck.  Just like engineers and chemists and doctors and physicists.  All they need is a student loan.  And the world can be their oyster.

So these kids starting their adult lives start that life by making one of the worst decisions of their lives.  Because they really want to go to college.  For the fun.  Universities lure these high school kids into higher education.  Appealing to them as adults.  Who can live away from home out from under the judgmental eyes of their parents.  For on a college campus there is a lot of fun to be had.  Sex.  Drugs.  Alcohol.  And health services.  Such as birth control and access to abortion services.  For all the consequence-free fun a high school graduate could ever ask for.  This is the bait.  And all they have to do to have all of that grownup fun is to borrow enormous sums of money that they will probably never be able to pay back.

Liberals say You should Never Rush to Judgment, Especially if we can’t Blame Conservatives

For the universities, though, it’s not just the money.  For their curriculum is the product of those Sixties’ radicals.  Who tried to overthrow capitalism.  And replace it with communism.  As they were never able to incite the workers’ revolt in the United States they changed tack.  And continued their revolution from the inside.  By becoming college professors.  Who eventually got tenure.  And went on to write the curriculum.  Basically an anti-capitalist, America is responsible for all the world’s problems and an anti-religious/anti-tradition curriculum.  Hence the socially liberal campus where anything goes.  And those college degrees that have no market value.  That advanced a relentless attack on capitalism and business.  And made their students eschew American greatness.

This curriculum has helped President Obama win reelection despite a horrific economic record.  And a brutal attack on the American mission in Benghazi.  The result of a failed foreign policy that tried to make nice with America’s enemies.  Who have been trying—and at times succeeding—to kill Americans.  The Fort Hood shooting by a radical Islamist.  The underwear bomber (failed Islamist plot).  The Times Square bomber (failed Islamist plot).  As well as other smaller and lesser known incidents.  Both successful and failed Islamist plots.  Then Benghazi.  And the death of 4 Americans.  Despite earlier witnessing an increase of anti-Western violence in the city.  A resurgent al Qaeda.  And an anniversary date holy to radical Islam.  9/11.  The U.S. mission in Benghazi requested additional security.  The Obama administration denied it as it would not fit the 2012 campaign meme.  ‘Osama bin Laden is dead.  And General Motors is alive.’  President Obama had won the War on Terror with the killing of bin Laden.  Therefore, they couldn’t have a terrorist attack in Benghazi before the 2012 election.  So the Obama administration made up the story about an anti-Islamic YouTube video that led to a spontaneous protest in front of the U.S. mission.  A protest that naturally got out of hand when the people pulled RPGs and mortars out of their pockets and started a military assault on the American compound.

The Obama administration then started to disseminate the lie.  They sent Secretary Rice to the Sunday morning television shows with severely edited talking points to downplay any role of radical Islam.  Then President Obama and Secretary Clinton made numerous public statements denouncing that YouTube video.  Even made a video to air in Pakistan.  And the mainstream media, the product of that anti-capitalist, America is responsible for all the world’s problems and anti-religious/anti-tradition curriculum never questioned anything.  They just dutifully carried the administration’s water.  And now that signs of a cover-up are coming out the administration is saying the only reason why they made any edits to those talking points was to prevent anyone from rushing to judgment.  Something they say we should never do.  Especially if we can’t blame conservatives.  Or Christians.  Like they did with the YouTube video that proved to be a red herring.  And as they—and their friends in the mainstream media—have rushed to judgment in the past.  By quickly blaming radical conservatives for every other massacre.  Only to see it turn out to be someone who wasn’t a conservative.  But a radical Islamist(s) instead.  Or someone suffering from mental illness.

Of course this wouldn’t be possible without higher education.  Where college is more about making Democrat voters than giving students marketable skills.  One could even blame those deaths in Benghazi on that anti-capitalist, America is responsible for all the world’s problems and anti-religious/anti-tradition curriculum.  (As well as being the reason why these kids can’t find any high-paying jobs; the vote for anti-business Democrat candidates whose policies discourage economic growth.)  Because protecting Americans in Benghazi would have been bad for the Democrats in 2012.  So perhaps we should be addressing the high cost of higher education.  And follow the example of the automotive industry.  By producing more graduates with fewer professors.  And put an end to the liberal Shangri la of the college campus.  By replacing the bulk of higher education with online studies.  For if a 15-year old girl can make medical decisions about the morning after pill by reading the contents of the packaging without consulting a doctor or parent then she can get her higher education online.  Without all the fun.  Or student loan debt.

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As the Liberal Curriculum took over our Public Schools an Educational Decline Began

Posted by PITHOCRATES - December 2nd, 2012

Week in Review

Thanks to the recent election in the US we know what’s important to women.  Birth control and abortion.  And we know what’s important to young people.  Thanks to two states decriminalizing marijuana.  So with our young people focusing more on sex and getting high is it any surprise that they’re not studying hard in high school to go on to college?  No.  And it’s no surprise that the United States has fallen from first to fourteenth in graduation rates.  And why Europeans and Asians outperform Americans on tests.  For young Americans just have other things on their mind than school (see Downward mobility haunts US education by Sean Coughlan posted 12/2/2012 on BBC News Business).

Andreas Schleicher, special adviser on education at the Organisation for Economic Co-operation and Development (OECD), says the US is now the only major economy in the world where the younger generation is not going to be better educated than the older.

“It’s something of great significance because much of today’s economic power of the United States rests on a very high degree of adult skills – and that is now at risk,” says Mr Schleicher.

“These skills are the engine of the US economy and the engine is stuttering,” says Mr Schleicher, one of the world’s most influential experts on international education comparisons…

It’s easy to overlook the dominance of US higher education in the post-war era – or how closely this was linked to its role as an economic, scientific and military superpower…

The spiralling cost of higher education in the United States is often cited as a barrier – and the collective student debt has exceeded a trillion dollars…

The rising cost of higher education is a deterrent. And there is a wider question of finance for higher education at state level.

He also says there is another “dirty little secret” of US higher education – that too many people who enrol at university fail to graduate – which pushes down the graduation rate in international comparisons.

Everyone can agree that the high cost of education is a problem.  But we never seem to blame our schools for the high prices they charge.  We’ll attack health insurance companies.  Hospitals.  Pharmaceutical companies.  We attack and regulate these industries to combat their high prices.  Yet we do nothing to the colleges and universities that charge high prices.  Other than try to help them charge high prices by subsidizing the high cost of tuition.

And those low graduation rates?  That’s pretty sad.  Considering that since many students today are taking the easy degree programs.  So their educational responsibilities don’t intrude on their partying time.  Getting useless degrees in disciplines like gender studies.  Instead of science and engineering.  Degrees that are actually useful in a high-tech economy.

This decline in American education excellence just so happens to coincide with the rise of multiculturalism in our public schools.  Outcomes-based education.  And getting participation ribbons instead of trophies for winning.  When the liberal agenda took over the educational curriculum.  So instead of teaching students reading, writing and arithmetic we’re teaching them about global warming and the evils of capitalism.  And how it’s okay if Heather has two mommies.

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Universities are more Interested in Government Grant Money than Teaching their Pesky Students

Posted by PITHOCRATES - May 6th, 2012

Week in Review

Education is sacred.  For in all the budget debates.  In all the class warfare.  One field is exempt from that one most disparaging label.  Greedy.  Everyone is greedy in Western Civilization.  Except the universities and the professors.  Who make more and more while working less and less.  And hand out degrees that have little value in the modern economy.  No.  Their greed is never called out.  These people who add little to our economic wellbeing.  While those who do are called every filthy and vile name in the book.  Because education is sacred.  Apparently.  No matter how substandard it is (see Professors should teach more classes: Experts by Antonella Artuso posted 5/6/2012 on the Toronto Sun).

Ontario’s post-secondary system could improve the quality of students’ education and save money by sending more professors back to class, some experts say.

There is rising concern that hundreds of thousands of Ontario undergraduate students are being short changed by a university system that values research ahead of teaching…

Ontario undergraduate university students learn in ever larger classes and often emerge from their pricey education without the skills they need to find work in a modern economy, he said…

There has long been an informal working ratio for professors — 40% of their time spent on research, 40% on teaching and 20% on administrative duties.

Economist Don Drummond, who chaired the Dalton McGuinty government’s Commission on the Reform of Ontario’s Public Services, concluded universities — and even a few colleges — now aggressively chase provincial and federal research grants with some institutions using undergraduate tuition fees to pursue government funds…

University of Toronto Professor Ian Clark, co-author of Academic Reform, said the Ontario and federal governments have ramped up research grants in the hope — one that’s shared by most developed nations — that the investment will stimulate the economy.

Professors now spend more time on research, teaching an average of two courses a term, down from three courses a term about 20 years ago, Clark said.

At the same time, there’s been a strong public push to increase the number of Ontarians with a post-secondary education, leading to a 50% jump in undergraduate students over a decade.

“You’re getting less than half as much time per student per faculty member as there used to be. Inevitably, it’s leading to bigger classes and more use of teaching assistants,” said Clark, a former president of the Council of Ontario Universities. “That, we assert — and so do many, many others — is leading to a decline in the quality of the undergraduate education that Ontario students receive…”

Constance Adamson, president of the Ontario Confederation of University Faculty Associations (OCUFA), said professors are aware that class sizes are getting larger, but the fault lies not with the focus on research, but with chronic underfunding of the post-secondary system.

Really?  The problem is chronic underfunding?  It has nothing to do with universities running after all that free government money?  The professors are teaching one less course a term.  Why?  Because they’re too busy chasing all of that free government money.  No wonder these kids are graduating lacking the necessary skills to make it in the modern economy.  Their education is only a distraction to these professors.  Who spend as little time involved in it as possible.  Why?  Because that’s why God made graduate students.

This isn’t a problem unique to the Canadians.  Throughout the world a university degree is becoming a birthright.  More and more kids are going to university.  Because we tell them it’s the gateway to success and wealth.  The problem is that not only are we giving them a part-time, half-hearted education, a lot of the degrees we’re giving them are worthless in the modern economy.  Liberal arts.  Social sciences.  Women studies.  Etc.  None of which are in high demand in the modern high-tech economy.

Perhaps these are the reasons those angry unemployed university graduates are protesting capitalism in all of those occupy movements.  They borrowed a fortune for those degrees.   That were supposed to give them success and wealth.  Only to find that they got huge student loan debts.  For a worthless, part-time, half-hearted education.  Worse, these university graduates don’t even understand capitalism.  For it isn’t capitalism that failed them.  It was their leftist universities that failed them.  Who gave them a substandard education.  While charging them a premium for it.  But do these kids protest these universities or their professors?  No.  They’re protesting the businesses that can’t hire these graduates without spending a fortune on them.  To give them a useful education.  That their university was supposed to provide them.

That’s how bad our education systems have become.  Our universities draw these kids in.  These pesky students.  Selling them a useless degree.  That these kids should have known were worthless.  I mean, exactly what kind of high-paying job do these kids think their degrees in the liberal arts, social sciences, women studies, etc., will prepare them for?  Stock analyst?  Investment banker?  Research engineer?  Doctor?  The truth is that many of these degrees these kids are graduating with have very little if any value in the market place.  In fact the only thing they’re qualified for is to teach these worthless degrees to other unsuspecting students. 

And yet they protest capitalism.  Not the people who made them unfit to enter the world of capitalism.  Which is yet another sad commentary on today’s educational standards.

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Obama Attacks Colleges for High Tuition Costs and Irks College Administrators

Posted by PITHOCRATES - January 28th, 2012

Week in Review

In an odd move President Obama has attacked colleges for the high tuition costs.  Odd because colleges overwhelmingly support Democrat candidates.  Colleges are like public sector unions for all intents and purposes.  And he would never ask public sectors to cut their budgets.  Democrats never attack the colleges for the high cost of tuition.  They attack people who don’t approve higher taxes for higher education.  But Obama attacks colleges.  Leaving college administrators dumbfounded (see College presidents pan Obama cost-control plan by the Associated Press posted 1/28/2012 on the New York Post).

Fuzzy math, Illinois State University’s president called it. “Political theater of the worst sort,” said the University of Washington’s head…

Illinois has lowered public support for higher education by about one-third over the past decade when adjusted for inflation. Illinois State, with 21,000 students, has raised tuition almost 47 percent since 2007, from $6,150 a year for an in-state undergraduate student to $9,030…

Bowman said the undergraduate experience can be made cheaper, but there are trade-offs.

“You could hire mostly part-time, adjunct faculty. You could teach in much larger lecture halls, but the things that would allow you achieve the greatest levels of efficiency would dilute the product and would make it something I wouldn’t be willing to be part of,” he said.

If you crunch the numbers that’s $189,630,000 ($9,030 X 21,000) Illinois State takes in each year from their undergraduate students.  That’s a lot of money.  But it excludes donations.  And federal and state aid.  Which when added all together pays for administrative workers, janitors, administrators and, of course, professors.  Which makes you wonder where all that money goes.  The $189 million.  The donations.  And the federal and state aid.

Of course, everyone knows where it all goes.  Where it always goes.  Pay and benefits.  In particular, salaries, health care and pensions.

People love to work at these colleges.  Because of all that money.  You can’t get this in the private sector.  Which is why pay and benefits in the public sector, including these colleges, are far better than in the private sector.  Because they always justify their ever increasing tuition costs on the imperative to educate students to compete in the high-tech world of tomorrow.  While those working in the high-tech world can’t make similar pleas so their customers will pay higher prices for their high-tech products.  No, they can’t do that.  For that would be greedy.  But colleges can.  While no one calls them greedy.

And if you argue against colleges you sound like you’re against winning the future.  Even though many of these students are getting degrees in art, music, sociology, anthropology, women studies, minority studies, etc.  Which really don’t help to win the future.  But they do provide a lot of jobs on campus.  And a lot of tuition revenue from students who don’t want to take the more difficult degree programs that require math.

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FT91: We vilify doctors, hospitals, pharmaceuticals and insurance companies for rising health care costs but we don’t vilify professors or universities responsible for rising tuition costs.

Posted by PITHOCRATES - November 11th, 2011

Fundamental Truth

Greedy Taxpayers are Blamed for the High Cost of Higher Education

Both health care and tuition costs are rising.  They’re out of control.  Both are crises.  We hear about it all the time.  And we’re doing something about it.  Interestingly, though, we’re trying to solve these crises differently.

We’ve identified villains in the health care industry.  Doctors who order unnecessary procedures.  Hospitals that carry out unnecessary procedures.  Greedy pharmaceutical companies that make seniors choose between food and medicine.  And greedy insurance companies who keep raising their premiums while aggressively denying claims.  All who contribute to the rising cost of health care.

So we know who wears the black hats in the health care crisis.  It’s a little different in the tuition crisis.  Do you know who the villains are there?  We are.  The greedy taxpayers.  Who have nothing to do with the rising cost of tuition.  No.  Our crime is our opposition to ever higher taxes.  So we can subsidize ever more of the high cost of higher education.

The Rich Fat Cats above the Professors live like Wall Street Fat Cats

So why are costs so high?  And why aren’t we blaming those who make these costs so high?  Like we blame doctors, hospitals, pharmaceutical companies and insurance companies?

Universities are awash in cash.  From tuition.  From the state.  From corporations.  From benefactors.  From alumni.  And, of course, from college sports.  A multibillion dollar industry.  That doesn’t pay a dime to the athletes that generate all that cash.  So universities have a lot of cash.  Yet tuition costs keep going up.  Why?

What are the costs of a higher education?  There are classrooms.  But these are long-term fixed assets.  That last decades without any improvements.  There are textbooks.  They’re very expensive.  Rarely less than $100.  Which is odd.  Because it’s rare to find a book at Barnes and Nobel for more than $100.  So that’s a profitable enterprise.  Textbook publishing.  While all other publishing is bleeding red and going out of business.  And there are, of course, faculty.

The life of a university professor is pretty sweet.  You get to hide from the real world on campus.  You have great working hours.  You get a lot of time off.  Sometimes all summer.  And have graduate students do all of your busy work.  It’s a charmed life.  And students pay them well for it.  And once they get tenure they can pretty much do whatever they want.  And no one will ever fire them.  No matter how many of their graduates can’t find a job.

And then you have all the rich fat cats above the professors who do even less.  Who drive the same kind of cars the Wall Street fat cats do.  And live in the same kind of houses the Wall Street fat cats live in.  But no one protests these rich fat cats.  Who got rich by ripping off students.  Via the ever rising costs of higher education.

Getting into the University System is like being Knighted in the Old World

The university system is a microcosm of Old World aristocracy.  Getting into the system is like being knighted in the Old World.  And university life is like the Old World.  Where no one challenges your privilege.  Because that wouldn’t be proper behavior.  And lacking the respect due to the privileged class.

Of course this isn’t a problem when you produce great doctors, scientists and engineers who make the world a better place.  We thank those professors who work tirelessly for the betterment of society.  But to those who sucker kids into worthless degree programs?  Where there’s no math?  Only ‘no right or wrong’ essay questions?  And no jobs waiting for them in the private sector?  Well, we’re not quite as enamored with these professors.

Because we’re left to clean up their mess.  From students defaulting on their student loan debt.  Because they can’t get a job.  To the mess they make while protesting Wall Street greed.  Because they can’t get a job.  All the while those responsible for their plights are preparing to raise tuition costs yet again.  As they always have.  And always will do.  Free from blame.  Even though they are more blameworthy than those on Wall Street.

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