Almost every state in the country is either already in the red or heading in that direction. Governors are meeting today in Philadelphia to plan how to approach the Obama administration for their own bailouts.

Everything is on the cutting table, but Howard Schweber, associate professor of political science and law at the University of Wisconsin-Madison, wrote a piece on the next big crisis: higher education. It's the one area, he writes, where we should be investing.

The American university system is sometimes overlooked as one of the country's biggest success stories. In the last 50 years, more of us went to college. And in recent years, the education gap between men and women has narrowed. And the gap between whites and blacks and whites and Hispanics has also improved.

There is also the impact on American innovation, competitiveness, and the general economy. You only have to look at Silicon Valley, Massachusetts' tech-corridor, and the Raleigh-Durham Triangle to see the effects that higher education has on business.

But talk to younger co-workers or students entering college and you will hear stories of tuition debt that was unimaginable 20 years ago. Starting a career with $50,000 to $100,000 in college loans is such a serious disadvantage that it almost negates the benefits of the education.

Only students entering the highest-paying fields can manage that kind of debt. It's not uncommon to see teachers and graphic artists with debt that will take many years to pay back.

What about an economy that is increasingly entrepreneurial and small company-driven? Workers today face multiple career changes during their lifetimes and education is critical to finding employment. A system that focuses exclusively on students graduating from high school ignores a huge, growing portion of our society.

The bachelor's degree is already a dated standard amounting to little more than a high-school diploma. As more employers offering better salaries seek advanced degrees, education shouldn't become another free-market perk for the rich.