"Here's the deal," Biden said. "The cost of education beyond high school has gone up significantly. The total cost to attend a public four-year university has...nearly tripled in 40 years-tripled." Education, Biden insisted, is the "ticket to a better life." Yet thanks to rapidly increasing costs, "that ticket has become too expensive for too many Americans." It is true that the cost of higher education has risen markedly in the last four decades.
It is also true that as costs have risen, so has the number of graduates with loans. Prior to Biden's forgiveness plan, there was $1.6 trillion in outstanding student loan debt, up from about $187 billion in 1995. But Biden's plan not only fails to address any of the factors driving those cost increases; it is nearly certain to make the problem worse.
One reason colleges have continued to raise tuition prices and fees is that the federal government has enabled them to do so by backstopping student loans. In 2010, as part of the Obamacare reconciliation package, the federal government effectively took over the student loan market in its entirety.
Denne historien er fra January 2023-utgaven av Reason magazine.
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Denne historien er fra January 2023-utgaven av Reason magazine.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
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Libertarianism From the Ground Up
ARGUMENTS FOR LIBERTARIANISM typically take two forms. Some libertarians base their creed on natural rights-the idea that each individual has an inborn right to self-ownership, or freedom from aggression, or whatever-and proceed to argue that only a libertarian political regime is compatible with those rights.
Lawlessness and Liberalism
THE UNITED STATES is notorious both for mass incarceration and for militarized police forces.
Politics Without Journalism
THE 2024 CAMPAIGN WAS A WATERSHED MOMENT FOR THE WAY WE PROCESS PUBLIC AFFAIRS.
EVERY BODY HATES PRICES
BUT THEY HELP US DECIDE BETWEEN BOURBON AND BACONATORS.
The Great American City Upon a Hill Is Always Under Construction
AMERICA'S UTOPIAN DREAMS LEAD TO URBAN EXPERIMENTATION.
Amanda Knox Tells Her Own Story
\"OUR CRIMINAL JUSTICE SYSTEM RELIES UPON OUR OWN IGNORANCE AND THE FACT THAT WE DON'T KNOW WHAT OUR RIGHTS ARE.\"
Trade Policy Amnesia
WHILE HE WAS interviewing for the job, President Joe Biden demonstrated an acute awareness of how tariffs work. It's worrisome that he seems to have forgotten that or, worse, chosen to ignore it-since he's been president.
Civil Liberties Lost Under COVID
WHEN JOE BIDEN was sworn in as president in January 2021, he had good reason to be optimistic about the trajectory of the COVID-19 pandemic.
Bye, Joe
AMERICA'S 46th president is headed out the door. After a single term marked by ambitious plans but modest follow-through, Joe Biden is wrapping up his time in office and somewhat reluctantly shuffling off into the sunset.
Q&A Mark Calabria
IF YOU HAVE a mortgage on your home, the odds are that it's backed by one of two congressionally chartered, government-sponsored enterprises (GSES), Fannie Mae and Freddie Mac.
