This has already occurred and continues to be cut further. What also happened however, is the legislature promised lenders that taxpayers would pay for all student loans. Of course this doesn’t get accounted in cash flow, because you can just assume more people will pay back their loans than actually will.

So now you have a situation where a lender can make a loan of unlimited amount of money with no risk to the lender, a borrower who knows nothing about money but has infinite ability to borrow, and a seller (schools) that get less money from taxpayers, but now can fight for the gobs of money that the students (who know nothing) have control of spending.

Hence unnecessary stadiums, recreational centers, buildings, admin, etc.