It’s a weird thing in many respects, but the COVID-19 panic-demic has helped highlight the profound weakness of the modern economy, and in particular those sectors which are still stuck in the Dark Ages. At the crown of this sordid pile would be institutions of “higher education,” such as colleges and universities.
The virus’ malevolent hamstringing of normal economic behavior means that schools which desperately held on to the brick and mortar model for years to keep the debt-financed tuition payments flowing now find it difficult to get paid – or secure payers in the future. They are finally coming to terms with the corrupt and usury-enslaving system which they helped propagate, and the image is a grim one.
Current reports suggest smaller liberal arts colleges will be the first to suffer, because they are “extremely tuition-dependent.”
Imagine that. Names of the at-risk parties included in various articles are Alma College, Albion College, The King’s College, Wheaton College, Mount Ida College, and more. The mighty (and rich) have fallen.
Part of the problem might be the higher education industry’s blatant lack of association with reality. According to a summary of author John Ellis’ insights into the university sector:
“American universities keep grinding out more PhDs (writing theses no one may ever read) than they have tenure-track teaching jobs so that an increasing number accept hourly wages as adjuncts and look forward to increases in the minimum wage.”
Exactly. These wage slave and government-funded institutions have never cared about the actual employment market, even as technology makes tenured professorships and secure faculty admin jobs a thing of the past. They were all in the money.
Sadly, the casualties of their folly will fall on the recent PhD graduates and support staff who have invested their time in hopes of a vanishing career. Even Harvard, with its $37 billion dollar endowment, is finding ways to shed low wage contract employees. But they STILL tried to get bailout money.
Speaking of bailouts, higher education will shortly be on the list. Moody’s has reported that over 30 percent of public and private colleges are already running deficits, and it will get worse as they come knocking. We just have to get through with pensions, the Post Office, Big Oil, and maybe healthcare too.
Life is good.