January 17, 2007
Six in Oh Six
I reacted negatively to the Democrats' "Six-in-06" initiatives (surprise!) I felt that the drug negotiation, stem cell research, alternative fuels subsidies, and minimum wage hike were anti-Hayekian. The 9/11 Commission recommendations should be debated and negotiated; it's a cop out to take them all.
I didn't take the time to object to their education subsidies, but the good folks at the WSJ Editorial Page have completed the task adroitly. Their problem is that the Government is subsidizing the interest paid on student loans. That will not help those who cannot afford education, it's a giveaway to college graduates.
In other words, the Democratic loan proposal isn't really about making college more affordable for low-income families. It's about expanding federal subsidies for college grads, including millions of middle-class men and women who will go on to do very well in life and hardly need such a government handout.
Cui bono? Faculty and administrators who will now be able to raise tuition because Federal subsidies will defray the costs. The 110th is going to make college more affordable by raising tuition.
I score them 0-6 in '07.