Krugman’s column essentially argues that a decline in public educational investment is leading to a decline in America’s global economic supremacy.
Excerpt:
[T]hese days young Americans are considerably less likely than young people in many other countries to graduate from college. In fact, we have a college graduation rate that’s slightly below the average across all advanced economies.
Even without the effects of the current crisis, there would be every reason to expect us to fall further in these rankings, if only because we make it so hard for those with limited financial means to stay in school. In America, with its weak social safety net and limited student aid, students are far more likely than their counterparts in, say, France to hold part-time jobs while still attending classes. Not surprisingly, given the financial pressures, young Americans are also less likely to stay in school and more likely to become full-time workers instead.
There’s no question that skyrocketing tuition cost increases place a greater strain on students, but does this really explain poor graduation rates?
The cynical side of me says that extracurricular activities and poor discipline are also to blame.
A few months ago I saw a documentary comparing the daily routines of Chinese high school students versus those in the U.S. The difference was striking. The Chinese youth’s day centers around academic advancement. Evenings are spent doing classwork. And it isn’t just the students; their parents are involved with homework, too (recall that in China many households only have one child due to population control).
Meanwhile, in the U.S., teen students are caught up in soccer, music, shopping, video games, and whatever else. Classwork is just one of many items on the plate.
Fast forward this track to college and it’s not a leap to conclude that one reason foreign students have better graduation rates is because they are more focused on academic achievement.
So while Krugman may be correct that budget cuts are hurting U.S. students, I think his column overlooks an important piece of the puzzle.
My daughter is five years away from college, and I’m terrified. Costs have nearly DOUBLED since the time we were in college together, not 20 years ago. A family is looking at $15K a year (tuition + expenses) for public universities and $25K to $50K for private ones. It’s crazy.
I think a credit crunch will probably be good for education, because it will reward the more competitive universities and wean some of the poorer ones.
Another thing that bothers me, too, is the online universities. I just don’t see people getting a college education that way.