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'The New School' by Glenn Harlan Reynolds

From the publisher: Economist Herb Stein famously said that something that can't go on forever, won't. For decades now, America has been investing ever-growing fortunes into its K-12 education system in exchange for steadily worse results. Public schools haven't changed much from the late 19th century industrial model and as a result young Americans are left increasingly unprepared for a competitive global economy. At the same time, Americans are spending more than they can afford on higher education, driven by the kind of cheap credit that fueled the housing bubble. With college graduates unable to secure employment or pay off student loans, the real-world value of a traditional college education is in question.