Clear Fog Blog

Political musings from Warren E. Peterson

Student Loans and Common Sense

Posted by Warren Peterson on June 30, 2012

College is expensive but everyone deserves the opportunity to go to college, right? Total student loan debt in over $1,000,000,000,000, a number now greater than total credit card debt but it’s worth it, right? It must be right otherwise Congress would not have recently extended the Federal student loan rate reductions by large bi-partisan votes, right?

Before you say “Right, right and right” read “Federal Student Aid and the Law of Unintended Consequences” by Professor Richard Vedder in the May/June 2012 issue of “Imprimis” published by Hillsdale College.

To find the article: Click HERE

The student loans are not the only government program where the unintended consequences are ignored and political courage is absent. No surprise, a government "entitlement" spawns its own constituency that politicians can challenge or even reform only at the risk of losing the next election.

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