Tech billionaire and owner of the reigning NBA Champion Dallas Mavericks Mark Cuban correctly identifies the disconnect between the way policymakers talk about higher education spending and its true value to college students:
The President has introduced programs that try to reward schools that don’t raise tuition and costs. They won’t work. Right now there is a never ending supply of buyers. Students who can’t get jobs or who think that by going to college they enhance their chances to get a job. Its the collegiate equivalent of flipping houses. You borrow as much money as you can for the best school you can get into and afford and then you “flip” that education for the great job you are going to get when you graduate.
Except those great jobs aren’t always there. I don’t think any college kid took on tens of thousands of dollars in debt with the expectation they would get a job working for minimum wage against tips.
At some point potential students will realize that they can’t flip their student loans for a job in 4 years. In fact they will realize that college may be the option for fun and entertainment, but not for education.
One of the hardest hit employment segments in the Obama Economy are college grads with too much education, too much education debt, and not enough work experience. In a contracting economy, jobs go to those with years of on-the-job training and the financial flexibility to work multiple opportunities.
If Mitt Romney wants to put Barack Obama’s most blindly loyal constituency in play this election, he should pull no punches tying Obama’s spending and business regulations to the dearth of job opportunities available to college students and recent grads.