If his election rhetoric, or stories about tonight’s State of the Union, are any indication, this evening President Obama will talk a lot about “investing” in education. And that sounds nice, doesn’t it? I mean, who doesn’t want to wisely and profitably put money into the American people? The problem is, such federal spending has never been wise or profitable, unless the profit you seek is political points.

To demonstrate the dangerous folly of federal education spending, I offer the following chart on higher education. And shortly, Andrew Coulson will be delivering a damning graphic on k‑12.

What does this chart show? That inflation-adjusted student aid—the vast majority of which came through the federal government—has exploded over the last thirty years, but probably hasn’t made college more affordable. No, it has fueled a more than doubling of inflation-adjusted college prices, all while median household income has been basically flat. Schools have simply raised their prices to capture the aid.

That’s some investment: students and taxpayers are out bigger and bigger sums of money while colleges—and approval-seeking politicians who want to show how much they “care”—reap the big profits. Probably not the payoff most people had in mind.