The intervention of the federal government doesn’t do much to increase the quality or lower the cost of higher education. Senator Mike Lee explains his bill here:
Over the past 20 years, the price of wireless service has fallen 46 percent, the price of software has fallen 68 percent, the price of televisions has fallen 96 percent, and the quality of these services and technologies has improved markedly.
But over that same time, the price of college tuition has risen 199 percent, and most parents would agree that the quality has not greatly improved.
But if prices typically fall as competition spurs quality advancement, as seen by the technological achievement of the last two decades, how has that not happened in education?
There is no one simple answer to this question, but the different regulatory environment facing higher education is a significant factor.