A Democrat college professor, who’s on the record praising Sen. Bernie Sanders (I-Vt.), is running for Congress on a platform to lower student interest rates. Unfortunately, he doesn’t seem to understand that the government intervention in student loan rates raise tuition fees.
Could you imagine that a socialist doesn’t understand basic economics?
It’s true though, according to The Daily Orange, professor Eric Kingson is running in NY’s 24th district against Rep. John Katko (R-N.Y.) on the platform of “supporting laws for lower interest rates on student loans.”
Unfortunately, government intervention in the market does more harm than good.
According to an article by Veronique de Rugy of the Mercatus Center, government intervention to drive down interest rates have contributed heavily to the rise in tuition rates, just as they did in the housing market.
“The basic problem is simple: Give everyone $100 to pay for higher education and colleges will raise their prices by $100, negating the value of the aid. And inflation-adjusted aid–most of it federal–has certainly gone up, ballooning from $4,602 per undergraduate in 1990-91 to $12,455 in 2010-11,” she wrote citing a report by the CATO Institute.
Luckily Kingson will have a hard time making it to Congress. Katko is a well liked congressman, who beat an incumbent in 2014 with nearly 60 percent of the vote, despite the fact that the district voted for President Obama in 2012 with 57 percent.
(h/t The College Fix)
