Meaning: Arne Duncan, former U.S. Secretary of Education, made this statement during his tenure in the Obama administration. The quote addresses the challenges and opportunities surrounding higher education in the United States. It highlights the increasing importance of a college education, the rising costs associated with it, and the financial strain that families are experiencing. Duncan also presents a potential solution to these issues by redirecting funds to make college more affordable for students.

The first part of the quote acknowledges the current societal emphasis on obtaining a college education. In today's knowledge-based economy, a college degree has become almost essential for individuals seeking well-paying and secure employment. This growing importance of higher education has put pressure on individuals to pursue college, despite the financial hurdles they may face.

Duncan then draws attention to the soaring costs of college, stating that it has never been more expensive. This rings true as the cost of tuition, fees, and other expenses associated with attending college has been steadily increasing over the years. This financial burden has made it challenging for many families to afford higher education, leading to significant student loan debt and financial stress.

Furthermore, Duncan makes a historical comparison by referencing the financial duress experienced by families since the Great Depression. This comparison underscores the severity of the current financial challenges faced by families related to the high cost of college and the economic strain it imposes.

The quote then shifts its focus to a proposed solution to address the financial barriers to higher education. Duncan advocates for redirecting funds by stopping the subsidy to banks and instead using those savings to benefit students directly. By cutting out the middleman and channeling the funds towards students, Duncan suggests that college could become dramatically more affordable, potentially saving tens of billions of dollars over the next decade.

This proposal aligns with the broader policy discussions around student loans, government subsidies, and the role of financial institutions in the higher education system. By restructuring how funds are allocated and managed, Duncan's proposal aims to make higher education more accessible and affordable for a larger segment of the population.

Overall, Arne Duncan's quote encapsulates the complex dynamics surrounding higher education in the United States. It highlights the confluence of factors such as the increasing importance of college, the rising costs, and the financial challenges faced by families. Additionally, it presents a proactive approach to addressing these issues by reimagining the allocation of funds to benefit students directly.

In conclusion, the quote serves as a call to action to reevaluate the financial mechanisms and support structures in place for higher education. It underscores the need for innovative solutions to make college more affordable and accessible, ultimately aiming to alleviate the financial strain on families and empower more individuals to pursue higher education as a pathway to opportunity and success.