Earn What You Spend

I’ve written about education before (as a recession hedge) - and a recent NYTimes article brings me back to the subject. 

Education is a ‘creeping’ crisis - it unfolds slowly enough where we don’t immediately see the devastation.  It takes years to begin to understand the effects of new policies, programs, and initiatives.

Higher education is increasingly unaffordable, which has far-reaching implications for our society, our economy, and our nation.  As the gap between the rich and poor continues to grow, an unaffordable higher education system locks in this chasm, effectively knocking off the rungs of the ladder to economic security. That is, the poor will increasingly remain so without access to that great equalizer, education. 

Take a look at the rise in the cost of college tuition: 

Source: NYTimes

Tuition vastly outpaces the growth in the median family income and the consumer price index.  That means, college not only is more expensive, it is relatively more expense than any corollary growth in income.

On a personal note, this issue resonates quite strongly with me - I was fortunate enough to attain full scholarships for both high school and college.  That I was able to attain a world-class education with no debt is something for which I am incredibly grateful.