529s: A Summary of An Absurd Policy
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Everything done to reduce higher-ed inflation igknows the basic definition
of inflation, that is, more money chasing the same goods and services. Higher-ed
inflation is, thus, self-sustaining and inevitable. If you throw money at
inflation then you get more inflation like hosing a fire with gasoline.
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Relatives who think they are helping their college-bound youngsters with
tax-beneficial accounts igknow how the ballooning public debt is a de
facto indirect college loan to which igknowant relatives obligate their
youngsters. This national jumbo college loan is at higher interest rates
than direct college loan interest rates.
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529s are, overall, a Ponzi scheme with the first-in receiving the maximum
benefits while later participants are stuck with higher debts, taxes and
unemployment. Or, social, economic and political collapse.
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Those who can pay the full college tuition when the baby is born are the
ones who get to have college costs of two decades earlier. The pay-as-you-go
muddled-class has to pay higher college costs to make up the difference
between then and now.
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529s are a Ponzi scheme that benefit the rich because, like lottery tickets
and 401ks, the muddled-class igknows basic math. The muddled class believe
they can get something-for-nothing.
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