It’s not too often that our President is right about something. So when he is, I like to give him his due.
President Obama is right… College has become far too expensive.
However, this comes with a caveat. President Obama may be right about the fact that higher education has become too expensive; what Obama whiffs on is the fact that it’s his fault. It’s also the fault of the Democrat Party and the liberal movement to make sure everyone can get low interest rate loans to get into college, because as the President is always telling us, everyone should go to college.
You see, my silly leftist friends, most colleges and universities are for profit entities whose chief end is not only to educate the masses but to make money doing it. So colleges and universities will look for that magic number that allows them to charge as much as possible without losing business to maximize their profit.
In the federal government’s all-knowing and all-understanding power they have decided that we must make it easier for more people to get to college. The answer they arrived at to do this was to make it easier to secure a federally subsidized loan that would have a low interest rate, so that the borrower would not feel like the loan would be an albatross around their neck. The moment the legislature moved to do this, colleges that accept federal loans began planning their rate hikes. Interestingly, American colleges that don’t accept federal loans have a tuition of roughly half of their competitors.
Obvious to everyone but the Democrat Party is the fact that they are the chief problem with school prices today. Even worse, they’ve not only created a system that has become a tremendous burden on our society, they have turned a generation of Americans into debtors. Today there are just as many people with school loan debt as there are college graduates! The numbers of those with school debt are outstripping our graduation rates.
President Obama, if you want to get serious about lowering school costs… get the government out of the way. Just as the government created the housing bubble that so recently wrecked our economy, you are now creating an education bubble that will cause even greater damage. Cheap money is never good. Our parents were right when they told us “if something sounds too good to be true, it probably is.” Allow the free market to do its job and you’ll see schools develop that are affordable and provide an excellent education. Just get out of the way.
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