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In the News: Government Creates the Next Bubble in Higher Education
In a recent op-ed in The Washington Examiner by professors James Harrigan and Antony Davies, strong connections are draw between the recent housing bubble and the crisis that’s building in higher education costs. Their solution? Economic freedom.
“The anatomy of the student loan crisis is similar [to the housing crisis]. Having decided that the path to prosperity is a college education, and that the free market was not providing “enough” college education, the federal government created Sallie Mae… to take lending risk away from banks and place it on the backs of taxpayers. The tax code provided modest tax incentives for students to take on more loans, and lately, the Federal Reserve has continued to make borrowing cheap by holding interest rates low. Sound familiar?”
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