"[T]he numbers show that wage inflation is — literally — the least of the problems when it comes to university cost inflation"

The quote comes from Felix Salmon and it's part of an excellent discussion (nicely summarized at Rortybomb). If you're interested in either education or the economy (where student debt is becoming a major factor), you should read all of the posts, but if I had to pick one point it would be this unbelievable projection cited by Malcolm Harris:

And while the proportion of tenure-track teaching faculty has dwindled, the number of managers has skyrocketed in both relative and absolute terms. If current trends continue, the Department of Education estimates that by 2014 there will be more administrators than instructors at American four-year nonprofit colleges.

Also posted at Observational Epidemiology.