CHEER UP, IT COULD BE WORSE.
So I looked at this Hit and Run post from March 2010. Things got worse. "[H]igher ed may be heading into its final series of convulsions." But despite business as usual being unsustainable, business as usual is still routine. "[A]s the rising rate of defaults indicates, borrowers are not making twice as much as new graduates were making ten years ago. There is too much money going into this asset, not enough value coming out, and a massive taxpayer liability for the difference." And yet, taxing whoever qualifies as rich to pay for free college for everybody continues to play well on the campaign trail.