If they think things are bad now, just wait until the bubble bursts.

Jennifer Kabbany of the College Fix reports.

As Higher Ed Implodes, College Leaders Accuse Peers of Dereliction of Duty

As higher education faces a crisis of epic proportions, a group of respected campus leaders from across the nation have called on their peers to proactively address the many issues plaguing universities today, saying in a detailed report that “the failure of higher education governance” has helped create the current debacle.

Problems cited in the report include: a lack of a return-on-investment with college degrees; a tenure system that “adds to cost and compromises quality”; political correctness run amok, “undermining the free exchange of ideas”; never-ending collegiate athletic scandals and binge drinking woes; studies that find grads do not leave college prepared for the real world; curriculum requirements that leave students with a “lack a fundamental understanding of their history and heritage”; tuitions that continue to soar far above inflation; and student debt that today tops $1 trillion.

Ultimately, its authors argue, the buck stops with college trustees, who need to take seriously their oversight roles.

“Too many have seen their role narrowly defined as boosters, cheerleaders, and donors,” states the report, titled Governance for a New Era: A Blueprint for Higher Education Trustees. “They should ask the questions that need to be asked and exercise due diligence.”

The report, released Tuesday, was the result of a project led by Benno Schmidt, chairman of the City University of New York Board of Trustees and former president of Yale University. He and 21 others – accomplished and respected college trustees, presidents, chancellors and business leaders – signed on.

One area of concern is academic freedom. The report notes that while teachers have academic freedoms, they often lack accountability, and students’ rights suffer as a result.

“Governing boards should monitor academic freedom and intellectual diversity through campus self-studies, as the University of Colorado has recently done,” the blueprint states. “They should put in place, as has the City University of New York, student grievance policies which allow for students to speak out without fear of reprisal when they believe that the institution is failing to protect the students’ freedom to learn.”