U.S. Sen. Marco Rubio is one half of the legislative duo who recently introduced a bill designed to ease the pain of repaying college costs by bringing in Wall Street. Yet, this is another typical Beltway response — treat the symptom with a legislative Band Aid when what is needed is a major surgery on the entire structure of higher education to cut the exorbitant cost of college. Until we address the root cause of the problem, students will continue to graduate with big debts that not only burden them, but create a drag on the economy as a whole, as I explained in my previous blog.
Financial bailouts seem to have become a favorite policy of the U.S. government. Banks, insurance companies, the auto industry, the solar industry — all have been major beneficiaries of Uncle Sam’s largesse. Moreover, Congress is busy giving out money we don’t have to Ukraine, Egypt and others instead of taking care of problems at home. One may not agree with how or why every billion-dollar handout takes place, but if we’re going to come to the rescue of big business, or even other countries, why not extend a similar helping hand to our children? I’m talking about millions of college graduates saddled with the debt they had to pile up to graduate from college.