Is college education the next bubble?

Lately, when I've had occasion to walk around college campuses, I've gotten the sense that a lot of money is being spent. New buildings, luxurious gym facilities and so on.

From the Washington Monthly:
the average price of attending a public university more than doubled over the last two decades, even after adjusting for inflation. The steepest increases came in the last five years.
One of the untold stories in higher education is that the cost of teaching is starting to decline, but virtually none of those savings are being passed along to students and parents in the form of lower prices.
The bottom line:
This is a classic unsustainable trend.
Via Glenn

UPDATE: Lots of other people seem to be thinking the same thing.

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