Have you heard both Clinton and Sanders? They are both touting free tuition at state universities or colleges for everyone. What a wonderful deal! Everyone gets everything for free, what more could you want?
They must be so much smarter than everyone else to have figured out a way to maintain the buildings of those institutions of higher education and get the professors and staff to work there at no cost. Because if they didn’t, that would mean that ‘free’ education for students was being paid by someone else. Are they going to have the government pay for it?
If that is their answer, then they are going to increase the national debt which further destabilizes the country and sends us on the same track Greece is currently on where we would have to ask other nations to bail us out. This gives those other nations the opportunity to put conditions on the bailout on how the American government operates. Are we willing to become subservient to other countries again after we won our freedom in the Revolutionary War? But if they didn’t bail us out, what then? We’d have a nation with worthless money where eventually everything would collapse worse than the Great Depression of the early 20th century.
Are they thinking they could raise taxes on all the working people to pay for it? That should not cost us, the tax payers much would it? Let’s do the math to see what the initial cost might be. If each student attending a public university currently is coming out of college with a $35,000.00 debt in student loans, and there are 34 million Americans that are in the age group of 18-30, that would be a bill to the tax payers of just about 1.2 Trillion dollars to get it started. Now you might be thinking that not all 34 million people would go to college, and that is true. But the flipside to that is $35K is a pretty conservative estimation and a lot of students rack up closer to $100K in loans while going to college.
“That’s not too bad, there are a lot more working people than that” you think? Yep, there are more working people than 34 million. Looking at the age demographics of America I see there are about 62 million people in the age group of 31-65. Once again if you do the math, each American between the ages of 31 and 65 would be saddled with an additional tax burden of $19,193.55 for this first group to get a ‘free’ public education. That equates to $4,798.39 per year in additional taxes. That is only another $399.87 per month in additional tax liability.
After the initial tax burden, each tax payer would get hit with the new students from the next age group down as they reach college age. So that breaks down like this: for every year as 10 million students graduate, another 10 million enter the system. So, if you graduate from college with a masters degree (since it is free, more will want a higher degree to make them more marketable) at 25, and you work until you are 65 (which is not very feasible with the instability of Social Security), you will be loaded down with paying additional total taxes in the amount of $191,935.48.
The final question you have to ask yourself is “Is being yoked with $191,000.00 tax debt more beneficial than not having a $35K loan when I graduate from college?”
Think about it!
This does not take into account inflation or cost of living index increases.