Forget a New New Deal; We Need a New GI Bill
Bernie Sanders may be calling for a “revolution” (“Revolution?”), but there’s nothing radical about free (or at least affordable) public college education.
That was effectively the norm in this country for over half a century, spanning from after World War II until just the last decade or so.
<$1,000 a Year for UC-Berkeley
First, in the late 40’s and early ’50’s, the GI Bill (read, taxpayers) picked up the tab for millions of “Greatest Generation” veterans to acquire liberal arts educations — and not a few science and engineering degrees.
Hmm . . . think that might have had something to do with the U.S. technology and productivity boom that began in the 1950’s?
Then, dozens of excellent state universities allowed Baby Boomers to get their bachelors on a shoestring.
To pick just one example, as recently as the mid-’70’s, annual tuition and fees at the University of California for in-state residents was under $1,000.
A year.
Today?
Try over $14,000.
And many public universities are much higher, never mind private.
Back to the Future
How much would free public college cost?
Assuming that approximately 13 million students are enrolled at public 2-year and 4-year institutions, and that annual tuition averages $10,000 (community colleges are a famously good deal), the whole tab, for one year, would come to $130 billion.
By contrast, bailing out Wall Street after the 2008 Crash cost between $2 and $10 trillion, depending on which economist(s) you ask.
Even using the low end of that range, that means practically an entire generation of young Americans could have received free college educations by now.
Instead of millions of Millennials being saddled with crushing student debt.**
What’s so radical about proposing that society focus its resources on educating its youth rather than “subsidizing” — if you want to call it that — Too Big to Fail banks and financiers?
Sorry, that’s not a rhetorical question.
P.S.: Wanna guess which policy would be the (far) better investment?
Anyone puzzled by persistent, weak economic growth might want to ponder this one a bit . . .
**See also, “Missing Millennials: Where Are All the First-Time Home Buyers?“
There shouldn’t be just flat-out free tuition. When someone has to put a stake in something, then they are likely to do better because the average person doesn’t want to waste his money.
You should actually have to do something to earn “free” tuition — like get good grades. Just existing is not a good reason — yet it seems like that’s what all Bernie Sanders collegiate fans want.
College can be affordable. It means making some sacrifices, like going to a community college before entering a university, for example. But there is no good reason to give free tuition to kids who don’t know what they want to do.