What? That would be pretty crazy, if $1 of every $6 was being spent on college. The linked post mentions it in a parenthetical, without explanation or justification.
A few seconds of googling suggests that spending on college is about $560 billion per year, around 3% of GDP, which makes way more sense. Opportunity cost from students in college might be a further 2% or so, though if you are going to count non-monetized time then you should probably be using a bigger denominator than GDP.
I don’t know what the “one sixth” figure could be referring to. Total student debt is <10% of GDP (though that’s basically a meaningless comparison—more meaningful would be to say that it’s about 1% of outstanding debt in the US).
What? That would be pretty crazy, if $1 of every $6 was being spent on college. The linked post mentions it in a parenthetical, without explanation or justification.
A few seconds of googling suggests that spending on college is about $560 billion per year, around 3% of GDP, which makes way more sense. Opportunity cost from students in college might be a further 2% or so, though if you are going to count non-monetized time then you should probably be using a bigger denominator than GDP.
I don’t know what the “one sixth” figure could be referring to. Total student debt is <10% of GDP (though that’s basically a meaningless comparison—more meaningful would be to say that it’s about 1% of outstanding debt in the US).