It turns out that when you optimize for a specific statistic ("college graduates!") irrespective of market forces, the market becomes distorted. This happened i

It turns out that when you optimize for a specific statistic ("college graduates!") irrespective of market forces, the market becomes distorted. This happened in housing, and now education. Subsidized student loans (and other programs) optimize for education at any cost, so the costs of education are not weighed by students proportionately to the benefits. This is an accounting identity.