My two cents on a lot of the topics in this thread:
First, there is administrative bloat, it is ridiculous at every university. Went to my daughter's college graduation at the school of music, theatre and dance at University of Michigan, and was amazed how many professors and administrators were on the podium. How many of them actually teach something? What do they get paid? About 20 years ago, I represented my fraternity in a disciplinary proceeding at UK, and filed an open records request. At that time, in the mid 1990s, the assistant deans of Fraternities and asst dean of sororities were making like $125K a year!!! And don't get me started on what universities waste on athletics, UK being an exception of course, because the UKAA is one of the very few that actually make money, as opposed to Western Ky, for example, which loses 20 to 30 million per year on sports. EKU has to lose a bundle on sports.
Second, the construction costs mentioned are a red herring to some degree at UK. The gazillions spent at the UK hospital probably generate a ton of revenue as well, it is a full scale hospital, not just a teaching academy for UK med students. The gazillions spent on dorms are being underwritten by an out of state REIT who is long term leasing the ground from UK and the students paying the rent are paying for the construction, it is a PPP which is a win-win for everybody
Now for the bigger picture, when Lee Todd was president, he used to say in every speech that per capita income and education have almost a perfect one to one correlation, and maintained that you simply cannot find a population of really well educated poor people, it just doesn't exist. I would say it is a really bad decision for state governments to slash spending on higher education year after year. And I also believe that liberal arts, the humanities, classic literature, psychology (my major), history (my minor) are valuable fields of study. The world doesn't need everyone in college to be a doctor, CPA, finance major, or engineer or architect. Sure, we need some of those, but much more important is that we really need a large population of educated people who can think critically. A couple of years ago, an attorney at Vorys Sater, largest law firm in Ohio, told me their no. 1 summer associate had been a music major at UC, played cello. Decided to go to law school instead of pursuing a career in music, and was brilliant. So is the CCM program at UC a big waste of money?
What about a career in sales? Is a degree in Japanese or Spanish useful, or any other language? Well in this day and age, I would certainly say absolutely. Besides, in a larger sense, UK is not supposed to be a Vo Tech school, universities are there primarily to train your mind, to teach you to think, not just train you to do one particular job the rest of your life. After you get that education, you can use it to take you wherever your will leads you.
Just my two cents.