COVID-19: Will the pandemic worsen U.S. higher education's excess capacity?

Most higher education institutions (HEIs) today are facing increasing financial strain because of the pandemic. Yet even prior to 2020, financial pressures on HEIs were intense. Of the many drivers of this stress, one of the most pervasive and powerful economic distortions today—and one that is not readily recognized—is that at its core, higher education is overbuilt, with excess and unused capacity.