The higher education industry is on the verge of a transformative realignment. Many Americans agree that a four-year degree is vastly overpriced, keeping many people out of the market, and are increasingly questioning the value of what many colleges teach.
With a high-stakes election just around the corner, the high-stakes rhetoric is flying. But with Taxmageddon looming, America needs less political rhetoric and some serious legislative action.
The financial reporting principles used by the private sector andstate and by local governments should be applied to the federalbudget to give policymakers a clearer picture of the nation'sfinancial health. Congress should change the federal budget processto reflect changes in long-term liabilities and obligations as thefirst step in addressing $36 trillion in unfunded entitlementobligations.