FAIR MONEY

Face to Face with Inequality

Educational Inequality and Increasing Social Rigidity

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In a New York Times op-ed on the self-reinforcing nature of inequality, Robert Frank writes “perhaps the most import new feedback loop shows up in higher education. Tighter budgets in middle-class families make it harder for them to afford the special tutors and other environmental advantages that help more affluent students win admission to elite universities. Financial aid helps alleviate these problems, but the children of affluent families graduate debt-free and move quickly into top-paying jobs, while the children of other families face lesser job prospects and heavy loads of student debt. All too often, the less affluent experience the miracle of compound interest in reverse.” (See full article, The Vicious Circle of Income Inequality.) What does that mean for higher education? Frank proposes that “we’ll want to think more creatively about public policies that might contain” any of the feedback loops that increase inequality. How about a little more self-scrutiny and creative thinking on the part of institutions of higher education?

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