For too many politicians and presidential hopefuls, a free college education is a cure-all for inequality in America—so long as the federal government can pour enough money into it. Democratic presidential hopeful Sen. Cory Booker (D-NJ), for instance, has opted to make “baby bonds” the centerpiece of his campaign. Under this policy, fleshed out in recent weeks, lower-income children would be given a large nest egg by the federal government which could be used for eligible expenses, such as a college education. But whether through redistribution or bloated administrative policies, pumping more money into America’s universities will simply drive college...