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Palaces -- tonight we're going to upset a lot of college and university administrators.
And a whole bunch of folks who spent a lot of money.
Building one of the biggest and talked about in some quarters undiscovered.
Bubbles -- this economy.
We all remember the technology and the Internet bubble that burst in 2000 housing bubble that burst in 2007 and eight.
Well there is a another bubble that is growing unchecked.
We've we've seen college tuition rising at more than twice the rate of inflation.
For the past three decades.
Student loan defaults and forgive me if you've got kids in school in you have -- Your self.
-- for -- to support their educational.
-- you're gonna be really upset but what I've got to tell you here -- but we've got to come to grips with the reality in this country.
Because we're supporting institutions that are now being -- mindlessly.
In a direction that is.
Amongst other things in addition to creating massive debt for our young people another source of massive debt.
And and creating debt for their parents -- families.
Were also destroying the institutions.
Of them are behind this -- Where we're looking at defaults.
Skyrocketing during this economic crisis and prospects for college graduates.
Work shops have tumbled to truly troubling levels.
Not -- up if we're talking about it and certainly not parents and the young students who were going away to college.
We have today even more sobering evidence that the higher education bubble and it is a bubble no matter what anybody -- you.
Is headed for a -- Public university students paid more than 8% more.
8% more for tuition Fleischer than they did.
That is a record increase in tuition.
And it is just continuing what has been a decades long trend it comes as state aid for public universities.
-- Fell by 19%.
It's it's a record decline and in some case state tuition has risen by such a staggering amount the costs are very summer or more.
To what public university students.
Are paying two to what students are paying in a private college here here's one example.
In state undergraduate students receiving financially.
At Penn state university.
They pay you ready for this 21000.
Students on financial -- attending Harvard University pay on average.
Or a lot of factors ago you into that disparity.
But there is an example of what we're talking about and the problems are only getting worse public university enrollment now.
Enrollment is up 12%.
From 2000 stuff.
The amount of student debt in the country has almost triple.
Is approaching -- -- -- one trillion.
More than the total amount of credit card debt in the United States almost forty million people forty.
And a Stuart -- average debt runs are you ready for this 25000.
And water they support it.
The institutions that are effectively out of control -- what they are charging for their services this.
-- made possible thanks to the federal government supporting with almost without restraint rising prices in public education.
Yet half of all Americans 125 with a college degree.
Are you -- -- either unemployed.
Or they're working in a job for which they're overqualified.
So if I may have like to leave you with this provocative.
A two year community college degree.
Costs about 6200.
A bachelor's degree -- mate or your private university goes for about a 158.
-- And according to a Georgetown study nearly 30% of Americans with associates' degrees.
Earned Community Colleges to your schools.
Are making more.
Than those who have earned a bachelor's degree.
This is a bubble workforce.
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