This author should’ve included the money being poured down the rathole for K-12 education too… From Family Security Matters:
Households are dumping trillions in hard-earned income down ratholes with marginal returns: costly higher education, healthcare and housing.
What happens when households dump huge percentages of their stagnant incomes down marginal-return ratholes? They get less wealthy, which is exactly what we’re seeing. The average American household has been persuaded that pouring money into costly higher education, healthcare and housing are all “investments” that offer high yields.
Sadly, the opposite is true: the returns on these stupendously costly investments is marginal or negative. Let’s start with higher education, a topic I have discussed at length numerous times.