On missing the entire point of one's own post

Here is an interesting post from a person in private education about the costs of education rising faster than the overall rate of inflation:

Read the blog post here

It makes sense right up to the last paragraph. According to this person, folks who have predicted that the cost of education cannot rise indefinitely are out to lunch. For the last 30 years, this person reasons, this has been the case, so why can't it continue indefinitely into the future?

Good grief! Does this person not know how people have been financing the explosion in the cost of education? By going into debt and more debt! By taking on colossal amounts of debt in the now rapidly diminishing hope that future income will offset the enormous debt taken on early in life. If we can pile debt upon debt upon debt and never pay any of it back to our creditors, then the cost of education--private or public--can rise indefinitely. This was the thinking behind the dot.com bubble and the housing bubble and now the squander-ourselves-out-of-recession bubble of the Obama administration. Do we live in such a world?

We can match rising costs with debt only as long as our creditors never want to be paid back. But if they do and they send the bill collector after us, this kooky scheme--known in the underworld as a Ponzi scheme--falls apart.

This blogger understands nothing about the industry in which he works. As long as he charges more for his services (so he reasons), he will earn more. How could it be otherwise? Simple: people stop buying his services. They find cheaper alternatives, or they do without. And then our educator goes bust.

Debt cannot be the basis of a sustainable economy.