Latest stats reveal that over 75% of all undergrad courses in the US are taught by "adjunct professors."
That in itself is not necessarily a bad thing. There's plenty of other stats out there proving the superior efficacy of adjuncts over the tenured folks.
That rings true. Who do you think puts more of an effort into their teaching gig; the tenured six-number guy who never again needs to give a shit, or the hapless wannabe-tenured lecturer who is carrying a six-number student debt load, but is toiling away in Adjunct City for Walmart wages.
At least the Walmart guys get some benefits.
And it's not as if the tenured folks are smarter or better educated. Both they and the adjuncts come out of the same institutions with the same qualifications.
So I suppose that the answer to the question posed in the title will depend on WHY you want your kid in university.
If they're focused on a professional program with decent prospects, it's still worth the candle. One of the most expensive programs in America is the Wharton MBA. It'll take at least $120,000 a year to get your kid through there, but the median starting salary of a Wharton grad is $120,000. You can see the pay off coming not too far down the road.
If, on the other hand, they plan to study sociology until they become a sociology professor, prepare them, and yourself, for the never-ending purgatory of Adjunct City.
In fact, you and Junior are going to be far better off if you can talk them out of university altogether and into a career in plumbing.
And they'll be contributing something useful to society.