Other than the obvious consequences, what might we expect from a partial economic collapse? A total collapse of the economy would throw the nation into utter chaos. But what if we endure an economic depression, or a severe and long-lasting downturn? I think that some of the effects are not so obvious.

1. The college and university system will collapse

As I explained in this previous post, the system of higher education is a house of cards. The cost of getting a college degree has risen sharply and steadily, while real income has remained relatively flat. The price rise is due to the easy availability of grants and loans for education. But with so many persons getting a college degree, its value in the marketplace has plummeted. Many college grads are out of work, or they are working in a job that does not require a degree. Eventually, this practice of paying more and more, for something that is worth less and less, will collapse the system. Colleges and universities will not have enough paying students, and professors will not agree to a drastic pay cut. Overhead expenses are far too high.

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