The Founding Fathers envisioned a Republic with an enlightened citizenry educated in "all philosophical Experiments that Light into the Nature of Things ... and multiply the Conveniences or Pleasures of Life" -- not just technical training for jobs that pay well.
As with everything in life, education is complex. There are all the different types of institutions, public and private, from preschool and K-12, colleges and universities. There is no one educational model or learning system that everyone follows.
In the current economic climate, university administrators must consider the long-term implications of their decisions. These decisions will greatly impact the future of these institutions and the quality of research and education they provide.
In the past, we've taken a college degree for granted. Now, fiscal "responsibility" may ultimately force hundreds and thousands of students to put off college in the interim, or ultimately drop out altogether.