College Debt: The new drug, man

And the pusher is your local 'institution' of 'higher' 'education'.   The only difference?  The street pushers don't make nearly as much money and don't have a tax exemption.  Hat tip Instapundit.

KATHERINE MANGU-WARD ON THE HIGHER EDUCATION BUBBLE: Easy Money For College Can Mess You Up, Man. “Oceans of federal money gush into higher education every day, and every administration promises more to come. That gush obscures the real demand for educated workers. The result is lots of cashiers and waitresses with B.A.s, and lots of people with student loan debt that’s tough for them to repay. For most students, the federal subsides geared toward nudging them to consume more education actually result in the acquisition of more education debt.”