I mean, "get the education"? And pay for it how? Tuition at public
colleges and universities has soared, in part thanks to sharp
reductions in state aid.
Krugman is a hack, of course. He gets this BACKWARDS (but what is new). Tuition has soared PRECISELY because financial aid has been made so plentiful and readily available. Let's look back a few years when the Community Reinvestment Act was in full swing ... house prices were inflating more and more and more (until they popped) ... why? SAME reason. The Fed along with Fannie and Freddie were pumping plenty of dollars and making them readily available to anyone and everyone for projects that would have never otherwise been undertaken.
Regard$,
--MJ
To fight this recession the Fed needs more than a snapback; it needs soaring household spending to offset moribund business investment. And to do that, as Paul McCulley of Pimco put it, Alan Greenspan needs to create a housing bubble to replace the Nasdaq bubble. -- Paul Krugman, August 02, 2002
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