Jeff Jacoby wrote in The Boston Globe about how the government’s efforts to make college more affordable has had the unintended consequence of making it less affordable. Indeed. Have you been to college campus lately? It seems all those extra dollars flowing into education has gone to making the student’s experience more resort-like.
As I asked at the end of my previous post, can you name any part of the economy where the price level has increased faster that inflation for long periods of time that did not have major interventions from government?
(Thanks to Mark Perry at Carpe Diem for the link to Jacoby’s column).
Some of my liberal friends might say, But, that means that the government’s efforts have made it possible for more people to go to college. The cost has increased due to increased demand. That’s a good trade-off. Do you want to be the one to tell some of those folks they can’t go to college?
Of course, what these friends miss is that nobody has to be the one to tell someone they can’t go to college. Those someones make that decision on their own by weighing their options and picking the path they feel is best for them.
Instead of using aid, accumulating $100k in student loans and spending four years in college earning a liberal arts degree that prepares them for competing against high school grads for entry-level jobs, those someones might do something more productive like work their way up to management at their local retail store, or start a fence building business that eventually employs 10 people, go to a trade school to learn a vocation like dental cleaning or something like that.