Once you've warmed to the topic after reading Professor Krugman's article, then you might want to look at another post on the austerity delusion. There you'll find an informative video from Professor Mark Blyth on the politics of austerity.
Thomas Frank looks at the swindle being perpetrated by higher education.
Because I worked as an adjunct for a decade before I left academia in 2003, I can fully appreciate Frank's remarks about part-time faculty. But I also felt the poignancy of his remarks about wildly overpriced textbooks, rampaging administrators, and ballooning student debt.