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WITH ample reason, President Obama has grown impatient with my industry.

In a recent speech at the University of Michigan, he said that while most new jobs in coming decades would require college training, access to higher education is increasingly threatened by runaway tuition growth. “We’re putting colleges on notice: you can’t assume that you’ll just jack up tuition every single year,” he said. “If you can’t stop tuition from going up, then the funding you get from taxpayers each year will go down.”