Bernie Sanders, in his election manifesto, has argued for making tuition free at public colleges and universities. This is a proposal that has struck many, including prominent economists, as ludicrous. For sure, there are scant details about how all this would work in practice and I don’t mean to shove those under the rug.
I read somewhere that the single largest asset held by the US treasury is student debt.
It hard to envision debt as an asset and especially to ones own government but why not just write it off?
Total assets are significantly less then the total debt of the Government and the bailout of the banking sector was trillions of dollars more.
I am not sure just when students started collecting this debt as it happens both here in Canada and in the USA. My own education was so much cheaper as I came out of it debt free.
I have no children so an out of the loop as to what changed but a co-worker mentioned it costing nearly 40k a year once rent food and the like factored in for his own daughter attending University.
$40K assumes enrollment in a public university…the tuition ALONE at private schools runs $30 to $60K.
Its not just Bernie’s tuition reduction that will determine how many of the 99% retire in the future. If the too-big-to-fail banks are not broken up, Social Security and Medicare funds will be tapped to bail out the banks the next time they crash the economy, in which case even many more potential retirees with no college expenses will never retire. Although we don’t know how Trump fits into the discussion we do know that Clinton and all of Trump’s GOP opponents are joined at the hip with the too-big-to-fail banks and will sell the 99% down the river the way Obama’s 2011 grand bargain would have if the GOP had not derailed it.
“And yes, there are legitimate concerns from economists about making education too cheap, thereby promoting its overuse,”
but makings weapons ad infinitum is just dandy, thank you. Just don’t educate enough who might be able to grasp that concept.