Thursday, July 26, 2012
The Coming Crisis in American Universities
During the next 10 years, as the student loan bubble collapses, our universities are likely to go through a wrenching transition comparable to what our basic industries went through in the 80's and 90's and our public educational system is going through today. Many undergraduate colleges and professionals schools will no longer be economically viable and will be forced to close their doors-others will be forced to undergo enormous shrinkage. As this takes place, Facutty tenure will come under fierce attack and trend toward using low wage, party time academic labor will become dominant in all but a small number of elite private universities. And following what takes place in American business, those in charge of administering this transition will see their compensation rise, while those who do teaching and research will see their salaries plummet and their job security disappear. This will complete the transition of the United States of America to a low wage nation ruled by a small elite of owners and managers.