Universities need to stop charging so much, and delivering so little

Universities charge too much, deliver too little and channel too many students into a lifetime of debt. Genuine reform requires market disciplines be brought to bear on those abuses.

Overall, college graduates in America still earn more and are less likely to be unemployed than their peers who never get a college degree. However, with so many recent graduates serving cappuccino and treading water in unpaid internships after graduation, a four-year diploma is not quite the solid investment it once was, and should not be so-often viewed as such a necessity by society.

Since 2007-08, the average pay for recent four-year graduates has fallen nearly 5 percent, while the average earning of a typical American worker, as tracked by the Bureau of Labor Statistics, is up 10 percent.

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