–One step toward long-term economic growth: Government offer free college education

Mitchell’s laws:
●Those, who do not understand the differences between Monetary Sovereignty and monetary non-sovereignty, do not understand economics.
●The more federal budgets are cut and taxes increased, the weaker an economy becomes. .
Liberals think the purpose of government is to protect the poor and powerless from the rich and powerful. Conservatives think the purpose of government is to protect the rich and powerful from the poor and powerless.
●The single most important problem in economics is
the gap between rich and poor.
●Austerity is the government’s method for widening
the gap between rich and poor.
●Until the 99% understand the need for federal deficits, the upper 1% will rule.
To survive long term, a monetarily non-sovereign government must have a positive balance of payments.
●Everything in economics devolves to motive,
and the motive is the Gap.

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In SOLUTION FOR THE GAP, I suggested that the long-term solution for unemployment was not for the government to be the “employer of last resort,” as Modern Monetary Theory (aka neo-chartalism) suggests, but rather for the government to be the “educator of first resort.”

That is, the government should pay not only for elementary, middle and high school, but also for college and advanced degrees. Further, I suggest that the government pay a wage for college attendance, to encourage the impoverished who might otherwise have to decide between work and education.

Low skilled jobs are disappearing from the economy. (See the lists, below.) Those without an advanced education will be at an increasing disadvantage. Merely putting people to work in such jobs can indeed address a short-term money problem, but it can exacerbate future economic problems.

Someone earning a living wage as a Walmart greeter, may be less motivated or have less opportunity to attend college, and so forever be relegated to low-paying jobs or increasingly, no job at all.

While many people do not wish to attend, or do not have the aptitude for, college, the government should do everything possible to facilitate college attendance, as a way to prepare for the future economic growth of America.
————————————————————————————————————————————————————————————————
U.S. Department of Labor

The 30 occupations with the largest employment declines, 2008-18

Most significant source of postsecondary education: On the job training for all 30

Farmers and ranchers
Sewing machine operators
Order clerks
Postal service mail sorters, processors, and processing machine operators
File clerks
Shipping, receiving, and traffic clerks
Telemarketers
Office and administrative support workers
Packers and packagers, hand
Cutting, punching, and press machine setters, operators, and tenders, metal and plastic
Electrical and electronic equipment assemblers
Machine feeders and offbearers
Door-to-door sales workers, news and street vendors, and related workers
Information and record clerks, all other
Paper goods machine setters, operators, and tenders
Computer operators
Machinists
Laborers and freight, stock, and material movers, hand
Miscellaneous agricultural workers
Data entry keyers
Inspectors, testers, sorters, samplers, and weighers
Switchboard operators, including answering service
Mail clerks and mail machine operators, except postal service
Lathe and turning machine tool setters, operators and tenders, metal and plastic
Grinding, lapping, polishing, and buffing machine tool setters, operators, and tenders
Textile winding, twisting, and drawing out machine setters, operators, and tenders
Postal service clerks
Multiple machine tool setters, operators, and tenders
Photographic processing machine operators
————————————————————————————————
The 30 fastest-growing occupations, 2008-18

Most significant source of postsecondary education See list:

Biomedical engineers: Bachelors degree
Network systems and data communications analysts: Bachelor’s degree
Home health aides: Short-term on-the-job training
Personal and home care aides: Short-term on-the-jobtraining
Financial examiners: Bachelor’s degree
Medical scientists, except epidemiologists: Doctoral degree
Physician assistants: Master’s degree
Skin care specialists: Postsecondary vocational award
Biochemists and biophysicists: Doctoral degree
Athletic trainers: Bachelor’s degree
Physical therapist aides: Short-term on-the-job training
Dental hygienists: Associate degree
Veterinary technologists and technicians: Associate degree
Dental assistants: Moderate-term on-the-job training
Computer software engineers, applications: Bachelor’s degree
Medical assistants: Moderate-term on-the-job training
Physical therapist assistants: Associate degree
Veterinarians: First professional degree
Self-enrichment education teachers: Work experience in a related occupation
Compliance officers, except agriculture, construction, health and safety, and transportation: Long-term on-the-job training
Occupational therapist aides: Short-term on-the-job training
Environmental engineers: Bachelor’s degree
Pharmacy technicians: Moderate-term on-the-job training
Computer software engineers, systems software: Bachelor’s degree
Survey researchers: Bachelor’s degree
Physical therapists: Master’s degree
Personal financial advisors: Bachelor’s degree
Environmental engineering technicians: Associate degree
Occupational therapist assistants: Associate degree
Fitness trainers and aerobics instructors: Postsecondary vocational award
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Rodger Malcolm Mitchell
http://www.rodgermitchell.com

No nation can tax itself into prosperity

3 thoughts on “–One step toward long-term economic growth: Government offer free college education

  1. As an educator, I totally and completely agree with everything you said above. Education is the key to prosperity and better life situations for everyone–whether that is advanced degrees in a university, or training at a trade school for skills that are needed in our society.

    Like

  2. as an mmt (mosler monetary theory) proponent I say both!

    Free education and an elr which hopefully will have very few participants.

    we need our incentives to start treating children like the investment they are rather than an expense.

    🙂

    Like

  3. That is a very good idea. Georgia has had a very popular lottery-funded “Hope Scholarship” for 15 years or so (the Georgia Lottery also funds voluntary K-4 classes for kids). If you can keep a B average, 4 years of any state university is tuition-free (plus a couple hundred bucks a semester to buy books and cover student fees). The Feds have a “Hope Credit”, but its pretty weak by comparison, only covers two years of school and is means tested.

    Georgia’s board of regents internalizes the cost and benefits of the vouchers, but if you rolled it out nationally, Uncle Sam would have to use some kind of tuition cost control. Ha ha, perfect low stakes market to try out a Vickrey market anti-inflation plan; to raise tuition greater than CPI, a college would have to buy warrants from a college that is lowering tuition. :o)

    Like

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