The universities, yes, but at least for 4-year bachelors' programs, the country should be viewing it as an investment considering how selective they tend to be for mid- to higher-tier instutions. From a national government standpoint, they bring in some revenue to the economy, but it's miniscule compared to the GDP value they will create, directly and indirectly, with their newfound skills in a lifetime.

I'd even argue in favor of government financial aid for international students that meet certain bars of merit or talent. Give them a free ride if they are that talented. Then let them build the next company and hire a bunch of Americans. Hand them a US passport as well if they get there.

Also, PhDs are another story -- they are not revenue sources for the university, but they are a means to quality research, and very much an investment.