After free college, there was no one left to work hourly jobs because they were too overqualified, so Bernmister is filling in.
Facts you NEED to know:
– Estimated gross individual taxes: $1.5 trillion
– Tax paid by person earning $50,000: $12,000
– Annual amount spent on college tuition: $750 billion
Now that you know how much money goes where, I can fill you in on why Bernie Sanders could be the worst person for President…ever.
Mr. Sanders is heavily exciting millenials with his campaign for free college education for all and legal marijuana. But, as we all know, nothing in life is free. The money for education has to come from somewhere. Where you might ask? Put down your Bernie-Blunt and I’ll fill you in.
The answer is me and you: the middle class. Right now, the middle class pays about 25% in taxes. Under Bernie, expect that to jump up to 38% or even 40%.
If we are paying $1.5 Trillion in taxed now and education, costing $750 Billion, is made “free,” taxes will increase to a total of $2.25 trillion.
Then instead of a person making $50k paying $12k in taxes, they would have to pay $19k. Oh yeah, that’s just per year. So remember, that’s an added $7,000 to a middle class person. Now at first I thought oh, maybe the Bernster is onto something! Maybe it’ll pay off in the long run? So I did a little research on student debt, loan payments, and the overall cost.
The average student will graduate with about $35,000 in debt. Just to prove a point, I’ll double that. Let’s say you leave school with $70,000 in debt. If you financed that over 40 years at an interest rate of 6.8%, you would pay $190,000. (In reality, you wouldn’t take 40 years to pay off the loan so it would be a little cheaper, but for the sake of simplicity we will go with 40. Also remember that’s two times the average!)
Remember, from the beginning, Bernie would have you pay $7,000 for 40 years. That’s a grand total of (drumroll please) $280,000.
Now before any socialists get their panties in a knot, I used 40 years as the amount of time because you work until your 65 (for now anyway). Woahhh there, don’t be throwing socialist around like that, right?
Wrong. Here’s what the Merriam-Webster Dictionary has to say:
“Definition of socialism
: any of various economic and political theories advocating collective or governmental ownership and administration of the means of production and distribution of goods
a : a system of society or group living in which there is no private property
b : a system or condition of society in which the means of production are owned and controlled by the state
: a stage of society in Marxist theory transitional between capitalismand communism and distinguished by unequal distribution of goods and pay according to work done”
Now if you ask me, forcing people to pay in order to provide for other people seems to fit the definition. And on top of that, I just proved to you mathematically that it will cost more in the long run.
Now my final point, which could win this argument in itself: Tragedy of the Commons. The tragedy of the commons is what economists use to explain the reason people overuse public goods. This justifies the reason why privately owned goods is successful in our culture, along with capitalism. When something is free, the demand skyrockets. When the supply fails to keep up with the rising demand, you are left with a shortage. If college is free, the universities will be overflowing. They would have to build more schools and hire more faculty. Bernie would probably just throw it on America’s credit. On top of that, kids won’t even be going to school for the right reasons. They’ll be going simply because they can.
I’ll entertain the idea for a moment. So let’s say we live in a fantasy land where everyone has a degree. You think Starbucks, Walmart, Applebee’s, Auto Zone and other big firms are going to pay workers $50 an hour? No, we’re just going to have a middle class that continues to work as overqualified employees working hourly jobs. Only difference? Now you’ll have to find a way to pay a few more thousand dollars in taxes to pay for other people to follow in your tailspin.
I don’t mean to hate on the Bernster because I really love his nickname, but America needs to put their foot down. We need to truly educate ourselves. You can’t ever believe anyone when they say something is free. Everything has a price. We need to look past the aura of free school and legal pot and figure out what’s really going on here.
– R. Ilardi