so.. if we use “MWB” to represent what the market will bear in terms of price on anything being sold, we know that for any given product
Price = “WMB” + “G”
What's “G” you say? “G” is whatever the government is paying towards that purchase in any form (loans, grants, subsides, ect) So.. If the government sees that colleges are charging $10,000 a year for college... and they think that's too much and try to "fix" this problem by giving student access to loans and grants totaling $5,000 in an effort to drive the cost down to $5,000 per year... The result will actually be an INCREASE in the cost to $15,000! Remember that price will always = WMB + G In this example the market will still only support a $10,000 a year price tag, so if the government pitches in an additional $5,000... instead of the price going down like the government wants... the price will go UP! And thus as always, the government doesn't solve the problem... GOVERNMENT IS THE PROBLEM!
What's “G” you say? “G” is whatever the government is paying towards that purchase in any form (loans, grants, subsides, ect)
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And....We will see the **exact** same problem with K-12 education if there are vouchers.
I cautiously support vouchers for K-12 education **only** if they are a means to COMPLETE separation of school and state.
Also...Charles Murray is right!!!! We need to move toward credentialing exams. Most of what is taught in K-12 and on the college level could be posted on the Internet and be available at very low cost. It could even be free to the consumer if there were advertising.
Even many courses for professionals ( law, medicine, dentistry, pharmacy, engineering, nursing...etc.) could be completed using credentialing exams.
Credentialing exams by private organizations could greatly reduce the cost of education. Businesses would have confidence that the student really did fully **master** a subject and children and youth could progress far more speedily through their education.
By the way...My homeschoolers were in college at the ages of 13, 12, and 13. Two earned B.S. degrees in math by the age 18. This was possible because once they mastered a level they could immediately move on to the next level.