HIGHER EDUCATION BUBBLE UPDATE: Why Your Little Alma Mater May Go Extinct.

My first thought was “good.” The college students I meet today seem to endure excessive admissions agony, in large part because getting into a good school is so much harder than it used to be. I could never be admitted to any of the schools I went to today, because they’ve gotten so much more selective since I applied. Most of the people I know say the same. Harvard now rejects almost 19 out of every 20 people who apply. Penn, my alma mater, rejects five out of six.

The result is that upper middle class kids spend their high school years desperately trying to acquire the credentials to get into a top school — “founding” dubious charities, doing “enriching” academic programs and “volunteer” work that will give them something about which to write an essay showcasing their ability to confront the tough realities of poverty, class and social obligation. Of course, later they may need to learn to engage in crass hypocrisy and button polishing to get ahead in their careers, but I don’t think starting that sort of education so early is a good idea.

But read the whole thing.