The U.S. is overspending on higher ed, argues Jordan Weissmann in The Atlantic. “We devote more of our economy to postsecondary education than any other developed country (except South Korea, with whom we’re tied),” but we’re rated near the bottom in college spending “efficiency.” That’s degrees earned per percentage point of GDP spent. The chart’s weighted measure gives more credit for graduating students from four-year, rather than two-year, colleges, which boosts the U.S. rank.
“Unlike, say, Germany with its renowned apprenticeship systems,” the U.S. doesn’t offer “alternatives to college if you want a middle-class life,” writes Weissmann. “So ill-prepared young adults flood into degree programs they never finish, leaving the U.S. with some of the lowest completion rates in the developed world.” That means, “we’re spending extraordinary amounts of money to produce college dropouts.”