It seems the problem of spending more money than you have isn’t limited to our federal government.

According to a report at Dartblog by Joseph Asch, one third of American colleges are doing the same thing.

A few years ago, consultants Booz, Allen and Hamilton produced a report that labeled the College one of the world’s “most enduring institutions.” No mind that the report itself cited nothing that had occurred at Dartmouth since the 1970’s, leaders of recent Administrations repeated this finding over and over again, as if it were praise for their efforts.

Well, management consultants Bain & Company, where Mitt Romney worked before heading up its Bain Capital spinoff (full disclosure: I was a consultant in Bain’s London office from 1983-85), have reviewed the finances of America’s most important educational institutions and produced a report entitled, The financially sustainable university. Their conclusion: based on figures from the 2006-2010 period, “approximately one-third of American colleges and universities are spending more than they can afford.”

The College ranked in the least favored section among all institutions: the 15% of American colleges and universities that are financially “at risk.” And no, not a word from the Trustees or IP Folt regarding the now-two-month-old report.