More college grads equals faster economic growth

  • Article by: Peter Orszag , Bloomberg News
  • Updated: February 13, 2013 - 7:02 PM

The aging population is why the government needs to help Americans earn college degrees.

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unclemushyFeb. 13, 13 7:18 PM

The federal government has no more business subsidizing people getting worthless degrees than they do subsidizing corporations. That is NOT the role of the federal government. Read the constitution!

arspartzFeb. 13, 13 8:07 PM

If the government subsidizes tuition, tuition goes up. Supply and demand.

basia2186Feb. 13, 13 8:41 PM

I have completed the farsfa, the questions are not complex nor intimidating. If a potential college student cannot figure it out or be bothered, they won't make it through 2 or 4 years of college! Perhaps the high school graduation rate has increased because the system insists that everyone should get a degree, whether they've learned anything or not. Fully 50% of graduating seniors should be enrolling in trade schools. Those jobs pay extremely well and will never be outsourced. My son spent every summer through high school in remedial " catch up" classes. He disliked all of his classes with the exception of shops. His great grades in shop's are the only reason he got a diploma. He enrolled in a 2 year "college" in diesel mechanics. He graduated with straight "A"s at the top of his class. First year out of school, 65K. With overtime he's making 85k. Try and find a good electrician or plumber in an emergency. Their shop rate is double what a teacher makes an hour. My kid so loves "wrenching" that his days fly by. The stigma against blue collar jobs has put tens of thousands of kids through a wasted, expensive 4 years of a liberal arts education, that plus no criminal record will get you a job at Target. Figures the author of this silly postcisca banker

basia2186Feb. 13, 13 8:47 PM

The federal government has no business in about 50% of what they are already doing. With the re-election of Obama there will be much more that they make their business. As I disapprove wholeheartedly in this administrations actions since obamacare I am going to deprive them of some of my hard earned money this year at tax time. Never before have I been so disgusted with an agenda in Washington, and lately Minnesota too. Enough already!

elmore1Feb. 13, 13 8:59 PM

Secondary education is a personal choice and rather than having more govt funding, they should regulate colleges to fully disclose fees, graduation rates, employment opportunities, likely debt and where the colleges are spending their money. The amount of student debt due to out of control fiscal mismanagement by the colleges over the past decade and their refusal to cut costs and transform is really sad. More grants really are just subsidizing more money for the colleges to spend, not reducing costs. The next economic bubble to burst is the student loan bubble.

sylvanlakeFeb. 13, 13 9:23 PM

More college grads does not equal faster economic growth. An economic policy that creates jobs creates faster economic growth. Orzag knows this. He is part of the failed Obama excuses & economic plans that have prevented a real recovery. Weak, weak, weak.

callmeronFeb. 14, 13 6:53 AM

Tuition has risen 4 times faster than inflation at the University of Minnesota over the past 40 years. It is probably even higher than that at some of the more "prestigious" universities. So, where has all that money gone? It has gone into the pockets of administrators and other employees. The fact of the matter is that the liberal left has had a lock on higher education for decades and has used it to reward themselves with luxurious pay and benefits. No, we don't need to pay janitors and administrators high wages to keep them from going to the private sector. When I was at the University of Minnesota in the 1990s, the U had 1 employee for every 2 students. Now tell me, what PRIVATE business could possibly survive with an employee-to-customer ratio that high? Answer: none. But since the government has its tentacles in higher education through subsidies and student loans, the liberal elites controlling spending at universities can keep jacking-up tuition higher and higher because somebody else will keep paying it. It's ridiculous how much college costs. You take a class with 50 other students that has a book, some lectures, and you meet with a teaching assistant once per week and at Harvard that class costs $4,000. How can they possibly justify such outrageous costs???

cyberhaze9Feb. 14, 13 7:22 AM

While I agree that some post-secondary education is important, providing more aid to encourage everyone to get a bachelors degree, including at dubious for-profit online schools where the degree means little, only cheapens the value of the degree. Already we see this, where a bachelors degree is similar to what a highschool diploma was 20 years ago, a base requirement for entry level employment. A idea similar to the one the President outlined in the SOTU where highschools train and certify for trades that pay a living wage would be a better step towards insuring broad employability and mor having valuable skills for a broader range of people (without massive debt).

jpcooperFeb. 14, 13 8:06 AM

In the last 2-5 months articles abound about the massive number of college graduates with no jobs, living at home, massive student loans,....... We already have an abundant of college grads how come we don't have "faster economic growth"?

snipesolafFeb. 14, 13 8:50 AM

We dont need more social science majors. We need more engineers. We need more teachers. We need more scientists & mathematicians. The government control's student loan credit in this country, treating a 2.0GPA art history major the exact same way as a 4.0 engineering student. This perverts incentives and creates inefficient outcomes. Third parties (taxpayers) guarantee the loans. We need a more risk based credit market for student loans to incentivize productive learning. Go ahead, study art history, but u have to pay a higher interest rate. THAT IS FAIRNESS. Fairness for borrower, fairness for taxpayer.


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