Sad.
Aside from the economic effects, I can at least tell you that it makes standards and diversity in degrees (in studies) move from those demanded in the market to those not. Thus, making it hard to find competent students leaving any given university or college (save for a few universities and colleges that live and die by their reputation as being “the best”). As such, I’ve been told at least by many veterans in IT/CS that what is wanted isn’t just some kid that can ace tests (it’s easy to cram for a test), but one that can put together a project with others (it’s harder to apply what you learned from that test and related curriculum). Anyways, I can say at least here at Wichita State University, the tuition has never gone down at all. Which is another side effect of governmentally funded public education: bigger budgets, bigger wages, and waste (for some reason they think we need some special bash or party every other week at my university that comes from student fees… >_>).