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RE: I think student loan forgiveness is a bad idea that is only going to make the problem worse
Tuition hikes is the principal agent problem writ large which everyone with a basic understanding of economics should know. It's acknowledged for the cost of new college textbooks but some how most miss it's application to tuition itself. I guess the gatekeepers in Econ departments don't want the entire racket exposed just a limited hangout version of it.
books are ridiculous and I can't believe that people still tolerate the fact that a book will be re-released every couple of years and the only changes that they make is to put the chapters in different order. The professors are all in on it too because they know there is zero difference between the various editions other than the fact that the students, armed with their student loan checks, have no choice but to purchase a $150 book. I had one professor who had a list of required books and one of them he was the author of it.... how is that not a massive conflict of interest?
It is a huge racket. I don't say this often but I think there should be price controls on state universities and maximum incomes for their admins and presidents. They basically operate as a monopoly and aren't providing the equivalent value that they've added in costs to students.
Thankfully I think a lot of attention is being brought to this matter and people are starting to shun high-priced, low-return educations like this. We'll have to wait and see if they start competing on price but I highly doubt it. This move, should it stand, only helps to further the problem.