Five days ago college campuses across the country erupted in riots over hikes in student fees and tuition. Complaining about “government imposed austerity measures” was the students’ goal as they protested to preserve what is so obviously their right: Using ever larger amounts of other people’s unwillingly given money to pay for their educations.
Mish Shedlock argues that they’ve missed the point:
The real problem is the entire student loan system is a scam. The government guarantees student loans so colleges have every reason to make the loans no matter how poor the student or how high the cost of education relative to job pay upon graduation.
Government guaranteeing the loans makes the money readily available to all takers driving up the cost of education.