As Congress wavers on whether to pass an economic “bailout” bill totaling nearly $1 trillion – the largest rescue package of its type in history – American colleges and universities are salivating at the prospect of a massive increase in federal aid.
Strange, then, that this increase in taxpayer funding of higher education will not result in fundamentally better colleges or universities. Our universities and colleges will likely be less affordable and largely the same academically despite this major investment.
First, let’s put things in perspective. In 2006, total federal taxpayer funding of the Department of Education amounted to $166 billion. The American Recovery And Reinvestment Act – the bailout – would nearly double that number, ballooning the budget by another $142 billion over the next 24 months.
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