College affordability is a hot political topic these days, with President Obama pushing to make two-year community colleges free for all Americans. People want college to be affordable both to raise future productivity and to address inequality issues by equalizing access to higher education as much as possible. Yet as important as this issue it, it has also been one fraught with misguided policy and is a perfect example of the law of unintended consequences. New research by economists at the Federal Reserve Bank of New York shows exactly how bad the flaws in our current government policies are. David...