TAANSTAFL - There Ain't No Such Thing as a Free Lunch
Why is it selfish for me to want to keep my own money, but it's not selfish for you to take it from me?
Frederic Bastiat once said that government is the great fiction through which everybody endeavors to live at the expense of everybody else, and Obama's College Plan fits that bill to a T. The only problem is that the bill for his "free college" plan is going to be paid for by you and me.
Today's episode of the Freedom Report podcast dissects President Obama's "free college" plan he mentioned in last week's State of the Union Address. In this show we will analyze what Obama means when he says "free," and also pin down the problems of raising taxes on 529 college savings accounts.
The president made a flowery speech about helping students, but the reality is that these kinds of plans are really just giveaways to the schools themselves. Students spend more on books than they do on classes, and the schools just use the new funds to raise rates, thereby canceling out any benefit that might have been derived.
Don't forget to subscribe to the Freedom Report on iTunes and leave us a good review. Also, if you missed my appearance on Stossel last week responding to the State of the Union, you can see my highlights here. Have a great weekend!