Everyone who isn't blinded by self-interest sees that the cost of higher education in America--and the way we pay for it, by turning students into debt-serfs-- is unsustainable. Those benefiting richly from the bloated, ineffective bureaucracy see no alternative, of course; their self-serving handwringing would be laughable if it wasn't so destructive to the nation and the economy.

Greg Mankiw, professor at Harvard, recently offered up a typical helping of self-serving handwringing: Three Reasons for Those Hefty College Tuition Bills. Mankiw squeezes out a few insincere (but necessary for PR purposes) alligator tears over the soaring costs of a college degree, and then trots out the usual justifications for maintaining the status quo, which just so happens to reward him so well.

Let's dismantle his bogus justifications one by one.

1. Mankiw predictably trots out the Gold Standard of justifying the absurdly high cost of an often-ineffective and useless college degree: those with college degrees earn $1.5 million more over a lifetime of work than those without degrees.

On the face of it, this offers plenty of justification for $120,000 piles of debt for degrees in Critical Studies, etc.: that extra $1.5 million will easily fund the cost of a 4-year degree.