Speaking of out-of-control spending:

College tuition costs have more than tripled after adjusting for inflation since 1980. Our friend and superstar economist Richard Vedder of Ohio University says that no industry/profession has had lower productivity gains than universities – with the possible exception of prostitution.

The solution isn’t to load up more financial student aid and then ask taxpayers to pony up for the delinquent loans when the borrowers can’t pay them back with their useless degrees.

We will say it one more time: this is the easiest problem to solve. Every 19-22 year old should pay for their own tuition by working 20 hours a week while in college – as kids do at the College of the Ozarks where tuition is free. If kids are working to earn their college education, they will value it more and they will demand value.

If that doesn’t cover the full tuition then just put an excise tax on each college’s endowment fund to make up the difference. Why is this complicated?