The excess demand feeds into the cartel of higher ed. Hundreds of private, liberal arts colleges that offer a facsimile of the Harvard aesthetic have drafted off the price increases of the elites (and the 95% of families rejected), giving millions of middle-class families the opportunity to purchase a Hyundai for the price of a Mercedes. Much of this is financed with easy-to-obtain credit, exploiting a uniquely held American belief that has morphed into scripture: You’ve sinned as a parent unless you get your kid through college . . . at any cost.
