Angry about student loan debt forgiveness? Blame Ronald Reagan for making it necessary, says Thom_Hartmann, not Joe Biden for starting to correct a moral wrong.
Before Reagan became president, states 65 percent of the costs of colleges, and federal aid covered another 15 or so percent, leaving students to cover the remaining 20 percent with their tuition payments.
It became a mantra for conservatives, particularly in Reagan’s cabinet. Let the kids pay for their own damn “liberal” education. a reporter in 1981: “I do know that it’s true that if you wanted to reduce crime,” Bennett said, “you could—if that were your sole purpose, you could abort every black baby in this country, and your crime rate would go down.”
Both my father and my wife Louise’s father served in the military during World War II and both went to college on the GI Bill. My dad dropped out after two years and went to work in a steel plant because mom got pregnant with me; Louise’s dad, who’d grown up dirt poor, went all the way for his law degree and ended up as an Assistant Attorney General for the State of Michigan.
In 1952 dollars, the GI Bill’s educational benefit cost the nation $7 billion. The increased economic output over the next 40 years that could be traced directly to that educational cost was $35.6 billion, and the extra taxes received from those higher-wage-earners was $12.8 billion. $7 billion and got a $48.4 billion return on that investment, about a $7 return for every $1 invested.
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