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We spend too much on education - Essay Example

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Notably, the amount of money that individuals and the federal government are currently spending on education is on a rising trend…
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We spend too much on education
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We Spend Too Much On Education We Spend Too Much On Education It is factual the consistent economic challenges that affect various sectors in the globe also affect the education sector in various ways. Notably, the amount of money that individuals and the federal government are currently spending on education is on a rising trend. Nevertheless, there is increasing urge to have most citizens acquire higher education with an aim of boosting the literacy and economy levels (Whybrow, n.y). Ideally, individuals invest in education with an objective of reaping great returns in the future from the knowledge and skills acquired. Assuredly, the returns to education are currently higher than they were a few years ago. However, to acquire this education, the government is seemingly spending more when compared with the efficiency it derives. Indeed, various costs relate to the acquisition of education. Nevertheless, the amount we spend on education does not seem to correlate with the value of the resulting credentials. As such, this paper shows that we are currently spending too much on education.
The federal government and the American taxpayers are already feeling the pressure of financing education in America (Whybrow, n.y). Indeed, in its quest to provide education to its citizens, the federal government using taxes subsidizes costs on research, tuition, offers student’s loans, and scholarships (McArdle, 2012). In the recent years, these costs have been increasing as seen in the country’s education budget. Indeed, the education sector currently takes one of the biggest chunks of the national budget as the federal government, the taxpayers struggle to keep up with the increasing number of students, and the costs related to education. Notably, the eminent struggle to finance education shows that the results of previous financing have no capacity to support modern education. As such, we can confirm that the federal government and the taxpayers are spending too much on education.
At the same time, Americans seeking to acquire higher education at the universities and colleges are currently paying a lot of money towards this venture. Indeed, such students or their parents have to pay accommodation, library, transport, alumni donations, tuition, research, private scholarships, and other costs related to quality education (McArdle, 2012). In fact, by 2011, an average college student would spend about $ 17,000 a year while those who opt to take the government’s education loans accrue about $ 23,000 a year (The New York Times, 2011). These figures have risen in the recent past and currently the cost of education is significantly higher. As a result, the students are now opting to study part time or online to cut on the education costs and improve affordability to quality education. More so, some colleges charge very high tuition fees subject to their goodwill and as such, students are now paying much higher than their parents paid in the recent past although the credentials attained are either the same or the less valuable. Therefore, it is seemingly true that the modern students and parents are spending more on education.
In addition, we can relate the costs of modern education with the value it attracts. Assuredly, the value of modern education is going down as more people acquire higher education. Indeed, unlike in the past where only a few people had degrees, almost 3 in 10 adults had a degree by 2010. Moreover, the current labor market seemingly favors the creative, talented, and the motivated individuals as compared to those who spend much of their time and money in the pursuit of education (The New York Times, 2011). As a result, a degree is currently not a guarantee for employment or middle-class life. Hence, the time and money spent on education may delay one’s career or fail to derive the expected returns. As such, the money and time spent on education becomes too much since the results are not efficient. This shows that we are currently spending too much on education.
In conclusion, we can ascertain that indeed education is very important in the modern society. As such, the pursuit for education is necessary as it affects the literacy, economic, and social status in any society. Nevertheless, individuals pursue education with the hope of getting favorable returns in the future. Various costs relate to the acquisition of education and individual students, taxpayers, and the federal government must meet these costs. However, in the recent past, these costs have been on the rise as the value of education credentials have been on the decline. As a result, we are currently spending too much on education.
References
The New York Times. (2011). Do We Spend Too Much on Education? Retrieved from: http://www.nytimes.com/roomfordebate/2011/08/23/spending-too-much-time-and-money-on-education?nl=todaysheadlines&emc=thab1
McArdle, M. (2012). Are We Paying Too Much for Higher Education? Retrieved from: http://www.thedailybeast.com/articles/2012/09/10/the-cost-of-college.html
The New York Times. (2011). College does not create success. Retrieved from: http://www.nytimes.com/roomfordebate/2011/08/23/spending-too-much-time-and-money-on-education/college-doesnt-create-success
Whybrow, J. (n.y). Are we spending too much or too little on Higher Education? Retrieved from: http://www.uea.ac.uk/documents/953219/967353/whybrowpdf.pdf/f9d013a6-60dc-408a-992f-86761abe53cd Read More
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