“Collapse of higher education begins in earnest as college loan racket implodes. Scores of colleges and even some universities shutter; others shrink drastically in desperate effort to carry on.”
Sometimes societies just lose their shit and go crazy and that is kind of what happened to America in 2020. The distress had been building for years, especially since the GFC of 2008-9 when the middle-class began dissolving in earnest. Now, their grown children discern that the future is going to be very unlike the recent past, and that their programmed hopes and dreams do not jibe with what that future actually requires of them: rigor, realism, earnestness, and rectitude. It’s too much for them. It’s too painful. And they’re not ready for it. They retreat into fantasy, cynicism, and ambiguity. So instead of virtue, we got virtue-signaling and, in adults who ought to know better, the kind of bratty behavior you’d expect from 13-year-old girls.
The ground for this was prepared by a society that opted to turn most of its important institutionalized activities into rackets, most particularly, higher education, which entered a late-stage metastasizing expansion fed by government guaranteed loan racketeering. The loan racket allowed the universities and colleges to jack up their tuition extravagantly, which prompted them to regard their debt-burdened, overpaying students as customers , which evolved into just plain pandering to their every wish.
Already in place, as a legacy of the 1960s, was a faculty of crusaders and activists in revolt against the bourgeois indignities of their own comfortable lives, making common cause with all other imagined “victims of oppression” as a form of careerist theater. They concocted curricula of bullshit disciplines for various victim-identity cohorts to monetize their grievance obsessions, and it all worked splendidly until Covid-19 ripped through the campuses and started blowing up the whole business model. And now college enrollments are headed down an estimated 20 percent for 2021, and an awful lot of the not-so-well-endowed schools will be going out of business, with even better-endowed schools soon to follow.
Another thing happened in parallel to the grievance hysterias on campus. The half-century-long civil rights campaign that went up a dead-end with all the family-destroying social services policies of the late 20th century, became such a manifestly embarrassing failure with an ever-growing hostile and dangerous underclass, that, in abject shame and disappointment, all of white liberaldom had to come up with an excuse for that failure, which finally fluoresced as Critical Race Theory with its hobgoblin-in-chief, systemic racism."