Frequently overlooked in the discussion of whether there is or is not a higher education bubble are community colleges--despite the fact that this sector within public higher education represents 43 percent of first-time freshman and 44 percent of all undergraduates. For the most part, the "bubble" discussion has focused on whether the cost of higher education provided by four-year universities and colleges, both public and private, has grown to such a level that the benefit or life-long economic return to the student is not worth the price tag. Those suggesting the existence of a "cost bubble" maintain that students are being asked to spend a large amount of money through tuition and fees for a bachelor's degree that does not have the promised result for a growing percentage of students. They further maintain that the public's strongly held commitment to the overstated promises of higher education have actually led to an "enrollment bubble" among those seeking the baccalaureate. Since much of higher education is publicly subsidized, the enrollment bubble can lead to wasteful public expenditures, either through direct appropriations or through federal financial aid grants and loans. In this article, the author explains how community colleges are well positioned to offer lower cost education in career preparation for many fields as well as the programmatic and scheduling flexibility especially important to working adults. (Contains 25 footnotes.)