Colleges and universities have become one of the most effective lobbying forces in Washington, employing more lobbyists last year than any other industries except drug manufacturing and technology. . .
All that these noble, public-spirited institutions ever ask for is more money with no accountability. What could go wrong?
The failure of political efforts to require more accountability and transparency means that colleges continue to collect billions of dollars annually in student loans with few strings attached, including schools that don’t graduate many of their students and where loan defaults are high.
A lot of people will tell you that higher education is one of the industries that works pretty well in the U.S. all this crony capitalism notwithstanding, I suppose.
This will all be presented as “a surprise” when massive student loan forgiveness becomes “necessary.”
“All that these noble, public-spirited institutions ever ask for is more money with no accountability. What could go wrong?”
Public Choice?
I should have added: It is not the “institutions;” it is the individuals who comprise and maintain self-perpetuating hierarchies.