I work at a college and I am also just finishing putting my two children through college, so I am very interested in the topic. I find the report at http://www.acenet.edu/news-room/Documents/Anatomy-of-College... informative. In particular, on page 2 you can see that the steady increases in the cost of college fits with the fact that college is a service industry (or at least it has been up to now).
On page 10 you see in a graph the point that the Seattle Times's article made with an anecdote, that state and local governments have reduced support and families have had to make good the difference. In my mind, just as we as a society pool our resources to build bridges, we also need to produce people who will lead tomorrow (but then, as I say, I work at a college).