I agree -- it is nothing like the housing bubble. It's worse.
What's really happened is that a college degree has been transformed into a very expensive writ of indenture that is required to get a job. This undermines the fundamental value not only of college but of the job itself. Why go to college to get a good job if a good job does not actually pay off in the end. You don't actually earn anything from the good job-- you just maybe make a dent in the writ of indenture you had to purchase to get it.
That's horrible. It undermines the entire economy. It undermines the entire reason for participating in the economy.
What's really happened is that a college degree has been transformed into a very expensive writ of indenture that is required to get a job. This undermines the fundamental value not only of college but of the job itself. Why go to college to get a good job if a good job does not actually pay off in the end. You don't actually earn anything from the good job-- you just maybe make a dent in the writ of indenture you had to purchase to get it.
That's horrible. It undermines the entire economy. It undermines the entire reason for participating in the economy.