In the university context, such an inquiry might explore why student debt has gone up from $300 billion in 2000 to $2 trillion today. The cop-out answer is that the $2 trillion of student debt went to pay for $2 trillion worth of lies about how great education is. In my view this reading is too generous. How much of that $2 trillion actually went to education as opposed to room and board? If you analyze the universities in economic terms, you might even conclude that the dorms and residences are the profit center driving an elaborate real-estate racket. And this is not to mention the web of offices and administrators tasked with overseeing not education but “student life.” Scale this model up, and you begin to understand why it’s so hard to exist outside of a big city in the United States—a vast country with swaths of empty space and lots of affordable housing—and why those deplorables who leave the reservation are viewed with such disdain.
When I was walking around the local university, with the very-nice-looking dorms with racy slogans in the windows, I was reflecting on how much the university experience has become a kind of con. Take out the student loans, and you get to start your adult life -- the first time you live away from home -- in a nice little apartment with excellent gym facilities, trash pick-up, plumbing and utilities included, nicely kept grounds, football games and other sporting events available, regular plays and a cheap/free cinema, etc., etc. Your introduction to adult life in America leads you to believe that this is what life is like.
Then you get out and you have to start paying those debts back. Cheap housing in the cities is increasingly impossible to find. Even outside the cities, AirBnB and other short-term rentals have made even small towns expensive places to live, if you can find rentable spaces at all. (Just try it in Jackson, WY -- or even out this way in one of the little towns like Cashiers or Sylva).
Can you get a job with that degree you got? Maybe, if you were savvy in choosing your major. If not, you can always go to grad school and try to get a doctorate so you can teach whatever it was -- for another six figures in student loans, that is, entering into a job market for Ph.D.s that often sees hundreds of applicants for every tenure track position. Nobody explains this to the prospective students, who are sold the line that 'if you choose to do something you love, you'll never work a day in your life.' That may be true in the ironic sense that you'll never find a job!
Even for those who succeed in getting a white-collar position that pays reasonably well, it's going to be hard to recapture the quality of life that they became accustomed to in college life. Setting their expectations that campus life was what adult life is like -- and with all these attendant luxuries now, paid for by those ever-increasing fees they can charge because they are covered by student loans -- sets them up for disappointment, anger, and a lifelong load of debt that is functionally just another tax they have to pay to the government (who now owns all student loans).
The promises of the university are increasingly fraudulent. It's still possible to go to school and get a job and life a decent life that way, but only if you dodge the system they have set up for you and are very choosy about the parts you accept. The cost of even that successful model is also going to be a lot higher than anyone will explain to you.



















