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 ...Show more