By Richard Vedder
BROTHER, CAN YOU SPARE ME A PhD?
THE FAILURE OF THE COLLEGE LOAN PROGRAM
“College-Loan Debt Hits Parents Hard” screams a front-page headline in the December 3 Wall Street Journal. We are told by triumphant President-elect Joe Biden that the extremely high financial burden of going to college will be substantially eased in his administration by dramatically lowering the enormous accumulated student debt burden through loan forgiveness for most borrowers... “The government to your rescue” he proclaimed during his successful campaign.
But what Biden didn’t tell you was the very student loan debt problem bringing financial headaches and misery to millions was largely caused by the federal government. It first got involved helping finance college with the Servicemen’s Readjustment Act of 1944 – the GI Bill, really a form of deferred compensation to military personnel drafted to fight during World War II. During the Cold War scare arising from the Russian Sputnik
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American Consequences
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