There Ain't No Such Thing As A Free Loan
by Keli'i Akina, Ph.D., President/CEO, Grassroot Institute of Hawaii
Recently, college students on 110 campuses across the nation rallied and marched as part of a movement called the Million Student March. Their website (studentmarch.org) states clearly and concisely what they want.
- Tuition-Free Public College
- Cancellation of All Student Debt
Apparently, these students have missed the first lesson on economics as taught by Milton Friedman: “There ain't no such thing as a free lunch."
The notion that anything, including personal entitlements, is free fosters a very distorted view of reality. Its a view that suggests government is a stand-in for Santa Claus--right down to the bottomless bag of gifts.
In reality, whatever government gives away to some people, it can only do by taking away from others.
As to eliminating the debt of student loans (a.k.a. reneging on one's obligations), students would do well to learn a second lesson in economics: “There ain't no such thing as a free loan."
Nov 13, 2015: Students rally for ‘free’ education; Dozens at UH-Hilo