HIGHER EDUCATION BUBBLE UPDATE: Victor Davis Hanson: Is the Jig Up for Elite Higher Education? Elite universities face a reckoning as public backlash and new legislation threaten their finances, admissions policies, and ideological excesses, forcing them to reform or risk irrelevance. “For the first time in memory, a majority of Americans disapprove of current higher education. Only ten percent of Americans believe an Ivy League degree translates into becoming a better American worker. In a nation of declining fertility, smaller numbers of youths choosing college, and a federal government $36 trillion in debt, universities have very little leverage.”