A couple of charts illustrate keenly how costs in education, both at the K-12 and post-secondary levels, have escalated.  The first is from Carpe Diem (hat tip: Business Insider):

The second chart is from the Cato Institute (via American Thinker):

Perhaps the writer who has most exposed this bubble related to higher costs vs. quality of results, is Glenn Reynold of Instapundit.  See for example, this article in the Washington Examiner.