help boost the economy. Critics argue that the country is already in a huge amount of

debt

and can’t afford such a program. They also question the effect that this plan will have

on

the economy. So, what value does this program really offer and how important is it to make

education free?

According to the White House, higher education is the best way to climb the socio-economic

ladder. They see education as a way for low income students to break into the middle class

and

they see growing the middle class as a way to fix our economy. A White House report states,

“The benefits of postsecondary education are well documented and have major implications

for economic growth, equality and social mobility.” A fact that many studies on both sides of

the aisle corroborate, including reports by the left leaning Economic Policy Institute,

the centrist

Brookings Institute, and the more conservative Heritage Foundation.

However, it’s important to note that the education-economy relationship has been extensively

studied for decades, and no consensus has yet been reached. Studies in the early 2000s

assert

that factors other than increased education, may be more beneficial to economic growth,

factors

like improved personal health and inherited riches. So there is some cause for more study.

Supposing the White House is right and the U.S. economy will benefit from having more

college grads -- Why make higher education free? Well, Obama wants to lower our nations

average student debt, so that college grads have more spending power, which will naturally

put more money directly into the economy. And there is some evidence that a free or

low cost

college system could work. Thriving countries like Germany, Finland, Norway, and Sweden,

have already adopted similar systems that offer free or low cost higher education. In

those

places, GDP is high and unemployment rates are low. So, if the U.S. wanted a model to

base a

new system off of, there are available options.

On the other hand, the world’s most expensive universities in America and the UK dominate

the top ten spots on world university rankings. So, there’s something to be said for both

the free

educational system and a costly private one.

Even without Obama’s proposed legislation, it’s worthwhile in the long-run, to get

a college

degree. Higher levels of education correspond to improved health, a longer lifespan, higher

rates of pay, and lower rates of unemployment. Children of the highly educated also experience

benefits of greater health, cognitive abilities, academic achievement, and lower chances of

poverty as an adult.

To learn more about the state of higher education in the US, watch this video about “What

Happens If You Don’t Pay Off Your Student Loan Debt”. Thanks for watching, and subscribe

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