My books cost 500$ a semester, some are pointless and never opened. At the end of every semester I am out 2,000$++. I don't have my AA yet, I have been taking 4-6 classes a semester, after wasting so much time and money on basic courses that are unneeded I will happily take up even more debt. By the time I get to classes I actually need to take I will already be a couple thousand dollars in debt paying for the useless classes that are required.
We really really need to get rid of this Education Monopoly run by our government. Not only is it unaffordable, but kids are dumber than ever before. We had one of the highest standards of education before the Department of Education came about in 1980. We don't need it! It's useless. If you agree and want to get rid the DoE, then vote for Ron Paul.
College costs are out of control. 70% of staff is not involved with teaching. Sports facilities are not justified. Ten year'ed teachers are WAKO overhead. Tax payers should demand to control balance sheets of colleges !!!!!! This a runaway train and the new generation will be the victim of this Bubble of greed. Bush and cronies framed student loan and credit debt as non wipe-able with bankruptcy.
That's not the reason why tuition is going up, state funding for college is being cut so the cost is being shifted in the form of higher tuition to make up the difference.
In fact, if state funding were increased and tuition was low there wouldn't be any reason for the government to subsidize loans.
What would a higher education really cost if the student went directly to the market, sought out the information and accessed it at the lowest cost/greatest value available? College textbooks are obscenely expensive, but the Mises Academy offers courses for $100-$145 online with reading materials provided. There should be downward pressure on education costs from the Internet information revolution, but govt. props it up while calling it a "right.."
I just made a similar argument. You need to realize that these rational competitive markets really don't exist. Employers would be very reluctant to higher a Mises Graduate (especially if he had a degree in science or engineering without lab experience), and everyone outside alternative media from the top down (and not just the government) tells you to go to college. The decision is not simply a cost analysis or return on investment.
Colleges need drastic reforms! Join a movement to expose the problems with today's colleges. Type Reform Higher Education Now in the search box on Facebook or click CollegeReform below and vote this comment up. Let's start a movement to change things!
I have an engineering degree from Berkeley, but all I really needed is access to engineering labs. I learned everything myself reading books; I don't even attend lectures anyway. After I graduated, I had to learn 95% of skill from work. LOL.
In Scotland University is free, other than living costs which we get loans for, but this won't last we have too many people going to University and it costs too much for the government to fund, instead we are going to get dumped with big ass tuition fees. Frankly if I was in the situation you guys are in I would be doing the equivalent of Open University here, I highly doubt the difference in cost is worth the quality, especially considering most courses you could teach yourself anyway.
It's not really govt loans but the loan system in general. Theres a cap on govt loans at around 7,500 a year (or at least when i was in school I graduated in 2009). The access to private loans makes it worse. However the main reasons school is more expensive is cuts in state funding, and most importantly schools hiring on useless support staff. That payroll drives up costs.
you're wrong.. It's pretty much all the goverment loans.. and state funding also drives up costs because that state funding goes to useless regents and so on but with that at least there is a limit. IF you end all goverment loans and state funding the costs will COLLAPSE because the Univeristies would be FORCED to charge what the students can afford.. Meaning they will have to charge what the students can afford to earn over some summer job or something like that..
Another positive about the current system falling apart is Schiff is going to be stinking rich once gold and oil rises through the roof, he can fund his own campaign.
@EasyGameFR -- Americans say CAPITALISM is the best , MEXICO is capitalist country and they have richest person in the world and the poorest person in the world lives in Mexico.
cut off all student loans. After that colleges might have to lower their tuition when they realize students can no longer afford it with the part time jobs/full time jobs they are working. When tuition starts to get to the equivalent of a few months of rent, I'd rather keep what I earn, gain work xp and live rather than go into debt for any reason.
People always underestimate the power of the free market and competition. What the fuck happened to these ideas America once held so dear. Fuck the government
He probably is going to say it's because of the government. But it is also because of demand. Most people take out primarily private loans as the government offers only meager aid unless you are dirt poor (and dirt poor people usually don't try to go to college). It's regretable that a college education has become, simultaneously, so expensive and so essential. Our private system is going to continue to bleed our youth dry in comparison to their European counterparts.
@baigandine The reason people pay sky high prices for tuition is because they think college is necessary. But the some of the richest people in the world (Bill Gates, Mark Zuckerberg, Steve Jobs) are dropouts ! Our governments and universities all around the world have made us forget that your net worth is proportional to what you produce or create.
That's why bankers make so much money? It's unclear that they have much of a benefit to the society at all (distinction between bankers now vs bankers 50 years ago should be made).
College is necessary for some and if the society continues to advance technologically then not only college but graduate school will be more necessary. However, this does not apply to a lot of the people IN college, who come out as clueless than when they went in.
Colleges could trim tuition if they stuck to education. Look where the money is going now.. huge student entertainment buildings, planetariums, on campus healthcare, police forces that drive around in giant SUV's to write student's parking tickets. Of course there is little incentive to cut cost when you have huge amounts of money from the states and huge subsidies through government student loans.
and another thing. Things will only get worse as the years go on, because we havent even took enough years to repair the credit/financial inbalance problem in this country. Fuck all this U.S. Involvment in other countries as far as our military. We need to get our act together from within, then dictate other countries later because WE ARE FUCKED UP!!!! Trying to graduate with no hope at the end of the tunnel.
The Richest Families will always be able to send theyre children to college, and that's where it will bottom out. Its the kids like me that rely on shitty jobs to make it through. The U.S. has been in Debt for a long hidden amount of time, now its finally getting worse and the effects are coming to light. Did you know we are officialy out of a recession yet unemployment is still up about 9%. WTF. So after you graduated with a bucket of Loans under your gown, they wont even hire you..
@bad4ever2001 yes, as gerald celente and my grandfather have both told me now, they don't include people who are part time employed and want to be full time employed, which is LOTS.
Exactly RIGHT Peter Schiff!! How much does it cost to have a building/facility and a professor to be on salary to teach a class? WTF? Sports programs like football fund themselves and beyond through games and merch. The cost of one class by a good professor in a nice building cant cost that much.. maybe 100-200 dollars per student? Let's say there's 50 students in one class, and that Prof. might teach four classes that day? That's a pretty good day for just that one prof.
alitou001 -- everyone is saying how capitalism is good ... BUT look at Mexico they are capitalist they have few TOP ten billionaires .... and the people there are DIRT poor ...
@aviomaster Actually they are not Capitalists. You can only have 1 job if you work/live in Mexico. For instance, you can't be a taxi driver and a tour guide. I'd say that is the opposite of Capitalism.
Community colleges are still dirt cheap. Unfortunately they don't offer many programs but you can still get two years out of them with core classes that can transfer to a better college and cut out two years of insanely high tuition.
That said I agree that college is way to expensive. Also the bigger problem is what I once heard described as "degree inflation" where jobs that otherwise would never ask or require a degree, now do simply, because there are so many degrees in the workforce.
Relatively speaking, UC's tuition rate is still extremely inexpensive for a top-tier school. I know people who pay more than that in Florida where the average salary is substantially lower.
The tuition rate at public universities is not "too high". It's very reasonably priced. Private universities with lax admission stands, especially for-profit schools like University of Phoenix, are the real issue.
Tuition rates are too high anywhere and they keep rising. They will come back down. It's another bubble waiting to burst.
Don't forget that even with all the inflation this country has experienced in the last decade, Americans are still making less money in dollar terms than they were in 2000. How is anybody supposed to keep up? Even at a public university. It will cost $500,000 on average to put one kid through school by 2020.
Of course, the objectivist Ayn Rand wannabee libertarian types don't seem to understand this though.
If high schools would teach the equivalent of the first two years of college during the last two years of high school (like they do in Europe), more students would have access to the higher education system and costs would be cut significantly.
Sorry folks, but the manufacturing jobs aren't coming back. Nor should they. You need to learn a real skill or move to China.
Costs would be cut if we got back to a real economy. It used to be that a man could get a job working in a factory and have enough money to buy a house and raise a few kids. Now that's impossible due to the inflationary, phony economic system that's been in place for almost 40 years. Now it takes two college educated people to accumulate enough wealth to equal what that man earned in the 70's. Prices are out of control. Why? Horrible economic policy.
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Sorry, but Schiff it wrong here.
After you eliminate financial aid, the tuition rate will drop substantially, but not to the point where people will be able to afford to go to college. A college degree is necessary to earn a livable wage in this country now that apprenticeship programs have disappeared and manufacturing jobs are gone. Education is the one thing that the government HAS to subsidize or it will come back to bite this country in the ass in about 20 years.
if people can't afford to go to college, then the college will close down.
the purpose of the college is to educate people - if they can't do that they will have to make their program cheaper by cutting out the nonsense bells and whistles.
I'm in school right now, and I can't really understand why it's so expensive. All I'm receiving from them for my bachelors are programs that should not be more than $200 per course.
You're still missing the point. It should be free like it is in Europe and most nations in the developed world. Stafford loans are the root of the problem.
-It should be free like it is in Europe and most nations in the developed world-
It's not free! You're paying for it. Oops! I'm sorry. Everybody's paying for it! Should people who aren't going to school have to pay for the ones that are?
"It's not free! You're paying for it. Oops! I'm sorry. Everybody's paying for it! Should people who aren't going to school have to pay for the ones that are?"
You knew what I meant. Of course we all pay for it, but the FAFSA system is broken and needs to be overhauled. You also drive on socialized roads and are protected by socialized firefighters and socialized police. Should we privatize them as well?
"Should people who aren't going to school have to pay for the ones that are?"
Those who aren't attending school will slowly be filtered out of the system. If you think you'll enjoy working at Burger King for minimum wage until you die, don't go to school. But don't bitch and moan that you're paying for socialized education when public universities are reasonably priced and Pell Grants are easy to obtain if you're 24+. A large chunk of that money comes from lottery proceeds anyway. Big deal.
But where does the money come from for a public univeristy grant, loan, lottery etc.? It comes from taxes. Also, whenever you take on any debt whether it's a mortgage or a student loan, the money supply is expanded and inflation ensues. It's a hidden tax. Look at the Dow priced in dollars compared to the Dow priced in gold, silver, copper, oil, iron ore, etc.. It's keeps plunging. Public university are paid for in taxes. Hence "public university".
aegis is correct. If you eliminate education spending, America will be in a world of sh*t in 20 years. You sound like a dumbass teabagger. Go suck Ron Paul's cock.
- America will be in a world of sh*t in 20 years-
America is in a world of shit right now. Are you blind? Do you really think that this economy has already had a full rebound and now we can get back to "normal"?
Peter Schiff talked about how the economy would collapse two years before the warning signs even popped up in 2007. People actually laughed in his face. Now he's saying the govt. is making it exponentially worse and people are still deaf. Nobody saw it coming? Yeah, right.
@aegisforex Me and all my business partners are non-college educated and very successful. However, several of my friends that do have college degrees from big schools barely make 30k a year and still have student debt. The lucky ones maybe make 50k. The whole system is backwards.
Well, you and your business partners are the exception, not the rule. How many of your college educated friends actually have a degree in something useful like accounting, engineering, or nursing? I don't know of any college educated accountants, engineers, or nurses who don't make at least $30k to start. Try applying for one of those jobs without a degree. Your resume won't make it to the HR-bot's desk.
@ik999 Because think about it. If you are an Economics major do you think there is barriers of entry into the labor market? If you plan on making more then $20,000 a year not doing something that no one wants to do you pretty much have to go to college. They are a price maker, especially when the government backs all of the student loans and has now taken over the majority of them. But in the long-run who cares if you take out 100k in loans? The dollar in perpetuity, is worth nothing
@ik999 Because think about it. If you are an Economics major do you think there is barriers of entry into the labor market? If you plan on making more then $20,000 a year not doing something that no one wants to do you pretty much have to go to college. They are a price maker, especially when the government backs all of the student loans and has now taken over the majority of them. But in the long-run who cares if you take out 100k in loans? The dollar in perpetuity, is worth nothing
There are multiple people trying to make free universities on the internet which if it gained some traction should give enough competition to 40k colleges to bring down those prices. However, I don't know that this will ever amount to anything (USNEWS seems to enthrall prospective students and I don't remember ever reading anything about alternatives to college in their other than votechs).
You're paying for the degree, not the education it seems.
The US has to bring back manufacturing and agricultural jobs if we want to have a sustainable economy.
The government doesn't have to subsidize education. Education ought to be fully privatized. No more taxing us for mediocre public school education and free lunches. Some kids come out of high school and can barely read and they're garaunteed a student loan by the government to go to college. Let the free market take over instead of more government and more taxes.
The agriculture and manufacturing jobs aren't coming back to America nor should they. If you're a Luddite, move to Asia or become Amish. You need to go to school and learn a real skill.
Why shouldn't manufacturing and agricultural jobs come back to America? Do you know why China is now the second largest economy in the world? It's the world industrial giant.
Who says that if you don't have a college degree you'll end up working at Burger King for minimum? I know plenty of people without them and they probably make more than you do.
And the reason there are cesspool cities like Detroit, Cleveland or Pittsburgh is because their manufacturing jobs went overseas in the 70's.
Peter makes an excellent point about tuition. I always wondered about those people who "worked their way through college" during the 1940's, etc. When I was in college during the 1980's, I couldn't imagine how I could possibly earn the money necessary to pay my own way through college.
how the fuck can you possibly like peter schiff and Ralph Nader at the same time. Thats like the retards who call the themselves social anarchist. They are the exact fucking opposite.
Perhaps he likes them because they both champion the truth. And if you want this to be a mature debate then there is no need to swear.
Personally I think they are all great men, and deserve recognition. But we shouldn't overly idolize them. For example, I love Ron Paul but I happen to disagree with him over health care.
And how can you possibly equate ron paul with nader. Paul's philopshy is "government out" and then he figures out a rationalization. Nader is a green party member, he is an intellectual who can see through the reactionary tax ideas of paul and conservatives. Just cause they both want to legalize pot doesn't make them at all similar. I don't honestly believe that it is possible to support or agree with both these men if you understand even just their basic positions.
In order to admire an intellectual it is not necessary to agree with absolutely everything they say. Many political thinkers have drawn inspiration from a wide variety of sources. We may all have our own ideas about the ideal way for society to behave, but that should not force us to discount anyone who is not our mirror image.
and there is nothing immature about using swears to emphasize a point, long as its not directed at someone. and i maintain that social anarchists are so dumb they should be labeled retarded
this is why they fight for power. but the dems better watch out if they eliminate the republicans completely they might get a party that won't play good cop bad cop with them
Ha, sensational sounding, isn't it? Like a script from a Hollywood movie. But it is true. I advise everyone reading this to stop focusing on the negatives of today. Except them, prepare your family and yourself for them, and prepare yourself to be a leader that America will so desperately need. Y'all are already ahead of the curve. Stay ahead, become a leader. Be an example of the American Spirit that made us great in the first place. Its on us, folks. Can we rise to the challenge?
The fact that you're watching this vid means you see through the facade of prosperity our US society is based on right now...you see the fact and you see the truth. Our society is not going to choose to change, it will be forced to change. It will burn in a purging fire, and if our nation is to regain its position as leader of the world, leaders are going to have to rise from the ashes, heros who like Washington and Lincoln, can take this nation on their backs and lead us to salvation.
He is basically saying we should just accept that millions of people will become poor and lose their jobs. Great fucking attitude. And by doing nothing, he believes, the economy will just fix itself. Not doing anything worked so well in the past. Just look at how recession free the 1800's were. Oh wait, free markets didn't actually work then. But if this fucktard says they will work now, he MUST BE RIGHT. I mean come on, how can a man who believes in the gold standard be wrong?
If you actually think that these ideas are right, why don't you just move to Africa where there are no taxes and corporations can do whatever they want. OH YEAH, CAUSE THOSE PLACES ARE POVERTY RIDDEN WASTELANDS where the people are exploited and the gov is run by business. So before you advocate something why don't you go experience it first. Stop trying to take down the system that protects you from anarchists like ron paul.
we discuss these things in college . all my economic tutors agree with the views of ron paul and peter schiff.
before you try to act as if you know your stuff please be aware that 000's of americans have lost their jobs! Why? Because of the private federal reserve.
You need to educate yourself in the mises institute of economics and global trade. search youtube :P Peter Schiff and others like him advocate the mises institute.
"000's of americans have lost their jobs! Why? Because of the private federal reserve." THIS IS A LIE. I'm not saying your professors are deliberately lying to you, they are victims of a lie perpetuated by corporate interests. You need to stop studding Austrian economics and get a real education. Austrian economics work on paper ONLY. The ideas have been disproven again and again when applied to real world situations. Learn science and u will c that these ideas don't apply to the real world
(1)The only thing that has failed everywhere it has been tried is Socialism, fractional-reserve banking, and government intervention in markets.
The one place where Austrian economics was tried, Austria, led by Ludwig von Mises--about as Austrian and economic as one can get-- halted the inflationary results of government massive debt and printing of fiat currency.
Only when Austria went back to inflating. as the US is now doing, did bad things happen again.
(2)There have been some 33 countries over the years who have tried this massive debt, inflationary printing of fiat currency. All have failed miserably. The latest is Zimbabwe. Next up will be the US. One cannot repeal the horrible and miserable consequences of socialism, statism, and inflationary policies we have seen time and again...with their attendant loss of human liberty and increase in state tyranny.
You can't fool those who know history with your nonsensical assertions.
I have to disagree with Schiff here. Part of the reason tuition has gone up so much is because more people are going to college. There aren't enough good paying jobs that don't require a college diploma any more. While I was in college, our student body almost doubled in size.
But why can all of these kids all of a sudden afford to go to college in the first place? It is because the govt facilitates their ability to go into debt. And economically speaking, the fact that so many kids cannot repay loans tells you that the price of tuition is not worth the increase in living standards brought about by the university. I know many college grads working at 8 or 9 dollar an hour jobs, its such a ripoff if you just want a liberal arts degree or something.
And that is the problem. Interfering government basically encourage people to go to the college despite the fact that no jobs are available for them. They know it, people know it, but somehow majority of parents is convinced that their kid has "right" to receive college diploma. Nonsense. American industries need engeneers, scientists, tractor drivers - not pussyfied assholes with sociology and art degrees paid by taxpayers money. It is time to drastically reduce the government.
I think we as citizens must borrow the money from the Gov, go to college and never return the money. Just pay the interest and take the loan to the grave. OR another way is to not return the loan "en mass". Can the gov come after millions of people...... if they do... start a civil war!!
@takla3210 tried it brah. Canada revenue assumed the debt then started garnishing it off my Ei cheques. EI is only 55% of your income and they took another 50 so I was getting 27.5% of my income. Why unemployed??? 2 years couldnt find a job. Now I work a labor job where education means absolutely nothing. Turns out the 2 year course I took means nothing and I need at least 3 more years co-op, or the 5 year add on to be meaningful to any decent employer because EVERYONE ELSE has it!
@takla3210 Especially since the money was created out of thin air or literally just typed in. The banks got our bailout money, then turned around to foreclose homes, raise interest rates, and offer no kind of relief. The money really never existed in the first place.
I am also sickened by the guidance counselors who encourage every student to give college a try, even kids who barely graduate high school. A few years later, they have no hope for a degree and tens of thousands of dollars of debt ruining their credit.
I, for one, would be totally content if fewer people went to college. Too many people go who don't really take it seriously, or who just don't have what it takes. Honestly, what's wrong with learning just a skill? We can't all be engineers and scientists. My neighbor is a plumber and he makes more than my sister, who has a master's degree!
We are slaves to debut, maybe they want to make sure that educated people keep in line by keeping 'stable' jobs and paying back their debt. It's a way to keep the rich rich and the poor poor.
Peters point is well taken. If there was no govt loans for students, no one can afford to goto colleges, and the schools would have no students to support the cost of running the school. The school must either reduce tuition, or declare bankruptcy and resulting in the disbandment of the college.
The reality is that there is a reason that we don't have manufacturing jobs anymore and we need to reverse that here in the US. Schiff points out that we are a nation of consumers, not producers, and so we are a nation of debtors. The only way out is to produce things, and not for our consumption, but for export. We need to build back a manufacturing base for our economy and actually produce things, rather than going into debt buying stuff others produce. That's reality.
(1)Cool. I am glad to hear that. The thing is, though, you are right, the jobs have gone and so we need a shift away from service sector, nonproducing jobs to a manufacturing base. In order to do that, we need a reallocation of capital, so entrepreneurs can establish manufacturing businesses and a reallocation of labour from service sector jobs into manufacturing jobs.
Schiff points out that this is why the bailout of these failed financial businesses is so harmful...it ties up capital that could be used by entrepreneurs to create manufacturing, sound, productive business in failed, bloated, non-producing business and jobs.
If that money was freed up it could be used to really make a difference, not just to create make-work jobs, but to create productive jobs that actually bring value in the things they produce being bought through export.
I totally agree, some people don't deserve to be employed. But I'd be very careful saying we need a recession because it sounds like a person wants people to dump assets so he can buy up.
I don't like blaming govt for everything, that sounds as responsible as a Marxist, but I agree in general, that gov't intervention promotes and encourages high prices.
INDEED, not everybody deserves education and employment, we should embrace inequality and poverty.
We are well on our way to socialism or fascism, as it is. In fact, we are already into the fascist phase. We will without doubt have a collapse, which will be the natural result of Obama's policies, which the Dems in Congress can pass unchallenged...the Repubs, even if they wanted to stop the Dems, can't stop them.
I don't know how you can say that. Of course Obama is spending money on corporations. That's what the whole bailout he and the Dems passed are about. Bush bailed out the corporations , with the participation of the Dems, but Obama and the Dems continued and multiplied the corporate bailouts Bush started.
of coarse the dem and repubicans are going to obay thier masters thats why he hiered giethner and kept bernanke on the books . its the corperation that put them on boards and give them perks and keep them in office
People need to get over the myth that Dems are for the little people and hate corporations. If they were for the little people they would have cut our taxes severely; that's how you help the little guy; not by giving us an extra $13 a week in tax cuts. How does that help us? So, we can go to McDonald's once a week now?
Instead, the Dems should have let the failing corporations go bankrupt and have given the People back more of their money in tax cuts.
THe two parties are the same...they work for one common agenda....its showing more and more every day. Jessie Ventura said it right when he stated that infront of the camera's the parties are bitter enemies, behind the scenes they are all best friends...JUST LIKE WRESTLING...working for a common cause...to tax us into slavery and rangel away all our rights
Why did the Dems bail out those corporations if they are so anti-corporation? It was the perfect time to stick it to those greedy corporatists! But, what did the Dems do? They rewarded that greed and saved the corporatists' asses!
Why are the ranks of the Obama Administration filled with corporatists if corporatists are so evil and disgusting to Dems? Where do Dem reps and senators go when they leave office? They get corporate jobs, making hundreds of thousands of $ !
"i'd like Schiff to point me to the laws that explain the high price"
Schiff didn't say anything about LAWS, if you listen again he points out that Government backed LOANS encourage prices to rise by preventing the natural market forces from keeping them in check.
I agree with a number of things Schiff says, but this is a point where I mostly disagree, but not entirely. Tuition is high partly because of loans, but also because education is a private enterprise where Board of Directors set prices (at least at private schools) not the market. Take a look at Western Europe, education is largely run and subsidized by the government (directly) and it is mostly free, even private institution tuition in Europe is a fraction of private US tuition.
(1)Well, the private enterprise colleges set the price high because the lenders are willing to lend those high amounts to students because the loan is guaranteed by the government. What that means is if the student defaults, the government pays. If the government pays it means that the taxpayers are paying for the student to go to college, the student isn't.
If the government didn't guarantee the loan the lenders would not be willing to risk their own money and wouldn't make the loan
(2)If the lenders would not lend then the kids couldn't get the money to pay the high tuition and would go to other colleges with lower tuition. The colleges that charged higher tuition would then have to drop their prices to get kids to come to their schools. As long as the government guarantees loans colleges can raise the tuition higher because the lenders will be willing to lend, no matter what the price.
This is exactly what happened with the mortgage crisis...look at those results.
Yeah I think in American we try to have it both ways, we try to have private lenders and private institutions controlling public funds, is the crux of the problem as I see it.
But I still can't blame the government for attempting to get people to the means of earning an education. The government should just regulate private degree granting institutions. Nothing too drastic, but education should be a right, not a privilege.
The idea that Western European government subsidized tuition is mostly free misses the point that governments do not have money of their own. The people are the source of government income...through taxation. So, even though the tuition may appear to be free, it is still the taxpayer who is paying the cost.
Whether by government guaranteed loans here in the U.S. or direct government subsidization in Europe, it is not a result of free markets working, but of government intrusion into markets.
I feel like this is about to get out of control, seeing that I am actually on the other side of the poli-eco spectrum.I just think that Shiff and the Austrian school people have some good points. Overall, I think government intrusion into the markets can be positive, and is mostly positive...it just depends who is in control of the government, which is usually not someone who has the interest of the people. But overtime things have gotten better in the world because of government intervention.
Government intrusion into the markets can only divert resources from one place to another; most people only see the positive result caused by a concentration of the expropriated resources.
"There is only one difference between a bad economist and a good one: the bad economist confines himself to the visible effect; the good economist takes into account both the effect that can be seen and those effects that must be foreseen."
Yes, but which business does not set prices? If you start a business, you too have to set prices. But you would not set prices ridiculously high because then nobody will buy your product, you become technically uncompetitive. There's nothing wrong with private enterprises setting their own prices, provided there's no government intervention to distort the supply or demand.
True! College tuition goes up as much as 7% per year across the board but the quality of education has been dropping like a bomb over the sky of Hiroshima. It is a shame. The beauty I believe is in the alternative form of education like the internet. People are getting tired of being ripped off and put into debt and will invest their money smartly.
I don't think he is saying give up going to college. He gave the example of his father going to UConn without taking loans and being able to afford college on just the money he made from Summer jobs. He is saying that if government didn't make guaranteed loans available then the schools would be forced to drop tuition prices, they couldn't endlessly raise tuitions; people could afford to go to college paying from just the income they make from part-time or Summer jobs.
and what do you think would happen if the government said it was going to stop guaranteeing loans to students? You'd have riots.
The only solution is free education for all - based on test scores - bring down the salaries of administrators and professors. Private colleges can sink or swim.
We're going to have to go through full blown EU type socialism or we will end up with Corporatism. There's no middle here any more.
What will happen if we drop the salaries of administrators and professors? We will have riots!
Riots? Please drop the melodramatics.
We already have a middle ground. Who do you think the anti-corporatist Dems just bailed out? Their corporatist friends. Where do all these altruistic Dems go when they leave office? Into million $ corporate jobs! You are getting your wish. Obama and the Dems in congress are creating a fascist state far faster than Bush did. Full blown socialism isn't far behind.
I read and understood what you wrote; apparently you are too dense to comprehend what I wrote in reply. Let me help you.
You propose the silly notion that students will riot if their loans are cut, yet propose that administrators' and professors' salaries be cut, which would by your logic lead them to riot. You miss that point.
The chances of students rioting if loan guarantees are stopped is about as great as the chance that administrators and professors will riot if their pay is decreased.
you're skirting the topic because you read what I said incorrectly, but continue to be sheepish moron.
further if you don't think students will riot if the FEDS were to cut off guaranteed loans to students, not to mention grants, you're out of your mind.
76% of students in college have taken out a government guarantee loan.
I'm so fed up with these big government college professors. They spend all of their time finding new ways for the government to run our lives.
The feminists want more gender laws, the black studies want more affirmative action laws, the economists want more regulation and money printing, engineers want more contracts with the military, the music majors want spending on the "arts."
Our colleges are full of government androids! It's disgusting.
My books cost 500$ a semester, some are pointless and never opened. At the end of every semester I am out 2,000$++. I don't have my AA yet, I have been taking 4-6 classes a semester, after wasting so much time and money on basic courses that are unneeded I will happily take up even more debt. By the time I get to classes I actually need to take I will already be a couple thousand dollars in debt paying for the useless classes that are required.
AlastorMC 1 month ago
We really really need to get rid of this Education Monopoly run by our government. Not only is it unaffordable, but kids are dumber than ever before. We had one of the highest standards of education before the Department of Education came about in 1980. We don't need it! It's useless. If you agree and want to get rid the DoE, then vote for Ron Paul.
BTek4 2 months ago
College costs are out of control. 70% of staff is not involved with teaching. Sports facilities are not justified. Ten year'ed teachers are WAKO overhead. Tax payers should demand to control balance sheets of colleges !!!!!! This a runaway train and the new generation will be the victim of this Bubble of greed. Bush and cronies framed student loan and credit debt as non wipe-able with bankruptcy.
abeashxx 3 months ago
That's not the reason why tuition is going up, state funding for college is being cut so the cost is being shifted in the form of higher tuition to make up the difference.
In fact, if state funding were increased and tuition was low there wouldn't be any reason for the government to subsidize loans.
AndroidPolitician 6 months ago
@AndroidPolitician
Easy there, socialist...
EmeraldAxe2 6 months ago
@EmeraldAxe2
This is what every economist that knows anything about college tuition is saying and has been saying for decades.
AndroidPolitician 6 months ago
@AndroidPolitician
I know, jokes don't transmit well over the internet.
EmeraldAxe2 6 months ago
@EmeraldAxe2
oh pfffftt
AndroidPolitician 6 months ago
What would a higher education really cost if the student went directly to the market, sought out the information and accessed it at the lowest cost/greatest value available? College textbooks are obscenely expensive, but the Mises Academy offers courses for $100-$145 online with reading materials provided. There should be downward pressure on education costs from the Internet information revolution, but govt. props it up while calling it a "right.."
hennypenny247 7 months ago
@hennypenny247
I just made a similar argument. You need to realize that these rational competitive markets really don't exist. Employers would be very reluctant to higher a Mises Graduate (especially if he had a degree in science or engineering without lab experience), and everyone outside alternative media from the top down (and not just the government) tells you to go to college. The decision is not simply a cost analysis or return on investment.
EmeraldAxe2 6 months ago
Colleges need drastic reforms! Join a movement to expose the problems with today's colleges. Type Reform Higher Education Now in the search box on Facebook or click CollegeReform below and vote this comment up. Let's start a movement to change things!
CollegeReform 7 months ago
I have an engineering degree from Berkeley, but all I really needed is access to engineering labs. I learned everything myself reading books; I don't even attend lectures anyway. After I graduated, I had to learn 95% of skill from work. LOL.
noformstyle 9 months ago 7
In Scotland University is free, other than living costs which we get loans for, but this won't last we have too many people going to University and it costs too much for the government to fund, instead we are going to get dumped with big ass tuition fees. Frankly if I was in the situation you guys are in I would be doing the equivalent of Open University here, I highly doubt the difference in cost is worth the quality, especially considering most courses you could teach yourself anyway.
DukeofWellington91 9 months ago
It's not really govt loans but the loan system in general. Theres a cap on govt loans at around 7,500 a year (or at least when i was in school I graduated in 2009). The access to private loans makes it worse. However the main reasons school is more expensive is cuts in state funding, and most importantly schools hiring on useless support staff. That payroll drives up costs.
jebenn23 10 months ago
@jebenn23
you're wrong.. It's pretty much all the goverment loans.. and state funding also drives up costs because that state funding goes to useless regents and so on but with that at least there is a limit. IF you end all goverment loans and state funding the costs will COLLAPSE because the Univeristies would be FORCED to charge what the students can afford.. Meaning they will have to charge what the students can afford to earn over some summer job or something like that..
xMaXiMuSx 4 months ago
Another positive about the current system falling apart is Schiff is going to be stinking rich once gold and oil rises through the roof, he can fund his own campaign.
EconCat88 10 months ago
@EasyGameFR -- Americans say CAPITALISM is the best , MEXICO is capitalist country and they have richest person in the world and the poorest person in the world lives in Mexico.
aviomaster 10 months ago
cut off all student loans. After that colleges might have to lower their tuition when they realize students can no longer afford it with the part time jobs/full time jobs they are working. When tuition starts to get to the equivalent of a few months of rent, I'd rather keep what I earn, gain work xp and live rather than go into debt for any reason.
shaithis80 11 months ago
Oh no! He's wearing glasses when he usually doesn't! It's a sign of his aging! He's getting old like Ron Paul.
alexamasan 1 year ago
He's right again. I wish he wasn't but he is.
specialks1953 1 year ago
People always underestimate the power of the free market and competition. What the fuck happened to these ideas America once held so dear. Fuck the government
SonofAmerica1111 1 year ago
He probably is going to say it's because of the government. But it is also because of demand. Most people take out primarily private loans as the government offers only meager aid unless you are dirt poor (and dirt poor people usually don't try to go to college). It's regretable that a college education has become, simultaneously, so expensive and so essential. Our private system is going to continue to bleed our youth dry in comparison to their European counterparts.
baigandine 1 year ago
@baigandine The reason people pay sky high prices for tuition is because they think college is necessary. But the some of the richest people in the world (Bill Gates, Mark Zuckerberg, Steve Jobs) are dropouts ! Our governments and universities all around the world have made us forget that your net worth is proportional to what you produce or create.
EasyGameFR 11 months ago
@EasyGameFR
That's why bankers make so much money? It's unclear that they have much of a benefit to the society at all (distinction between bankers now vs bankers 50 years ago should be made).
College is necessary for some and if the society continues to advance technologically then not only college but graduate school will be more necessary. However, this does not apply to a lot of the people IN college, who come out as clueless than when they went in.
EmeraldAxe2 6 months ago
Colleges could trim tuition if they stuck to education. Look where the money is going now.. huge student entertainment buildings, planetariums, on campus healthcare, police forces that drive around in giant SUV's to write student's parking tickets. Of course there is little incentive to cut cost when you have huge amounts of money from the states and huge subsidies through government student loans.
lostprophet912 1 year ago 3
Student loans bid up the price of education -- that's just basic Principles of Economics 101.
A good friend of mine went to Columbia in the 1950's on waiter's tips, without a single loans, scholarship, or grant. fuck the government!
LordAgonis 1 year ago
and another thing. Things will only get worse as the years go on, because we havent even took enough years to repair the credit/financial inbalance problem in this country. Fuck all this U.S. Involvment in other countries as far as our military. We need to get our act together from within, then dictate other countries later because WE ARE FUCKED UP!!!! Trying to graduate with no hope at the end of the tunnel.
EngleSackJus 1 year ago
The Richest Families will always be able to send theyre children to college, and that's where it will bottom out. Its the kids like me that rely on shitty jobs to make it through. The U.S. has been in Debt for a long hidden amount of time, now its finally getting worse and the effects are coming to light. Did you know we are officialy out of a recession yet unemployment is still up about 9%. WTF. So after you graduated with a bucket of Loans under your gown, they wont even hire you..
EngleSackJus 1 year ago
@EngleSackJus I hear that unemployment in the U.S. is actually higher than that; circa 22%
bad4ever2001 1 year ago
@bad4ever2001 yes, as gerald celente and my grandfather have both told me now, they don't include people who are part time employed and want to be full time employed, which is LOTS.
samm1809 1 year ago
Exactly RIGHT Peter Schiff!! How much does it cost to have a building/facility and a professor to be on salary to teach a class? WTF? Sports programs like football fund themselves and beyond through games and merch. The cost of one class by a good professor in a nice building cant cost that much.. maybe 100-200 dollars per student? Let's say there's 50 students in one class, and that Prof. might teach four classes that day? That's a pretty good day for just that one prof.
freezazoid 1 year ago
DJAnthonyillWill - No MEXICO is Capitalist free market economy somewhat regulated by the goverment, YOUR comment is off the topic.
But when you have many unemployed people all this theory goes to sewer.
Mexico has one of the richest people on EARTH , If not the richest, But large number of people are dirt poor.
This is fallacy of Capitalist system, it will not create middle class. But Peter Shiff is wright about how goverment interference distors economy.
aviomaster 1 year ago
@aviomaster Mexico is a free market economy ?
Bullshit. Look at Carlos Slim Helu
EasyGameFR 11 months ago
for every dollar increase in federal loans, universities raise their tuition by 97 cents.
biohax 1 year ago
alitou001 -- everyone is saying how capitalism is good ... BUT look at Mexico they are capitalist they have few TOP ten billionaires .... and the people there are DIRT poor ...
aviomaster 1 year ago
@aviomaster Actually they are not Capitalists. You can only have 1 job if you work/live in Mexico. For instance, you can't be a taxi driver and a tour guide. I'd say that is the opposite of Capitalism.
DJAnthonyillWill 1 year ago
oh, sure, waiters make so much money #FAIL
JunkOnVideo 1 year ago
Don't bother to go college if you are living in a capitalism country,at least your parents are rich !!
alitou001 1 year ago
Community colleges are still dirt cheap. Unfortunately they don't offer many programs but you can still get two years out of them with core classes that can transfer to a better college and cut out two years of insanely high tuition.
That said I agree that college is way to expensive. Also the bigger problem is what I once heard described as "degree inflation" where jobs that otherwise would never ask or require a degree, now do simply, because there are so many degrees in the workforce.
fathead8489 1 year ago
bwahahahahahahahahahahahahahaha!!!!!
SpazzzDog 1 year ago
College is a fucking scam
takadi 1 year ago
gonna cost me approx. 120k to go thru law school...pinche pavosos
lakid87 2 years ago
I hope you got into a Top 25 law school. Otherwise you're wasting your time/money.
aegisforex 2 years ago 2
people should not be employed people working in hedge funds, investment banks, and army.
modernmariorc 2 years ago
god i shirts like that
jannonymous 2 years ago
Look at UCLA RAISE 35% Tuition cause CA gov need money and look at all the money Wall Street get it for free, now giving record bonus
jimmyd3277 2 years ago
Relatively speaking, UC's tuition rate is still extremely inexpensive for a top-tier school. I know people who pay more than that in Florida where the average salary is substantially lower.
aegisforex 2 years ago
It's still too high. Stop thinking "It's not high in terms of ...". It's just too high and it needs to come down.
TenderTrap86 2 years ago
The tuition rate at public universities is not "too high". It's very reasonably priced. Private universities with lax admission stands, especially for-profit schools like University of Phoenix, are the real issue.
aegisforex 2 years ago
Tuition rates are too high anywhere and they keep rising. They will come back down. It's another bubble waiting to burst.
Don't forget that even with all the inflation this country has experienced in the last decade, Americans are still making less money in dollar terms than they were in 2000. How is anybody supposed to keep up? Even at a public university. It will cost $500,000 on average to put one kid through school by 2020.
TenderTrap86 2 years ago
Of course, the objectivist Ayn Rand wannabee libertarian types don't seem to understand this though.
If high schools would teach the equivalent of the first two years of college during the last two years of high school (like they do in Europe), more students would have access to the higher education system and costs would be cut significantly.
Sorry folks, but the manufacturing jobs aren't coming back. Nor should they. You need to learn a real skill or move to China.
aegisforex 2 years ago 2
Costs would be cut if we got back to a real economy. It used to be that a man could get a job working in a factory and have enough money to buy a house and raise a few kids. Now that's impossible due to the inflationary, phony economic system that's been in place for almost 40 years. Now it takes two college educated people to accumulate enough wealth to equal what that man earned in the 70's. Prices are out of control. Why? Horrible economic policy.
TenderTrap86 2 years ago
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Sorry, but Schiff it wrong here.
After you eliminate financial aid, the tuition rate will drop substantially, but not to the point where people will be able to afford to go to college. A college degree is necessary to earn a livable wage in this country now that apprenticeship programs have disappeared and manufacturing jobs are gone. Education is the one thing that the government HAS to subsidize or it will come back to bite this country in the ass in about 20 years.
aegisforex 2 years ago
if people can't afford to go to college, then the college will close down.
the purpose of the college is to educate people - if they can't do that they will have to make their program cheaper by cutting out the nonsense bells and whistles.
I'm in school right now, and I can't really understand why it's so expensive. All I'm receiving from them for my bachelors are programs that should not be more than $200 per course.
ik999 2 years ago 27
You're still missing the point. It should be free like it is in Europe and most nations in the developed world. Stafford loans are the root of the problem.
aegisforex 2 years ago
-It should be free like it is in Europe and most nations in the developed world-
It's not free! You're paying for it. Oops! I'm sorry. Everybody's paying for it! Should people who aren't going to school have to pay for the ones that are?
TenderTrap86 2 years ago
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"It's not free! You're paying for it. Oops! I'm sorry. Everybody's paying for it! Should people who aren't going to school have to pay for the ones that are?"
You knew what I meant. Of course we all pay for it, but the FAFSA system is broken and needs to be overhauled. You also drive on socialized roads and are protected by socialized firefighters and socialized police. Should we privatize them as well?
aegisforex 2 years ago
"Should people who aren't going to school have to pay for the ones that are?"
Those who aren't attending school will slowly be filtered out of the system. If you think you'll enjoy working at Burger King for minimum wage until you die, don't go to school. But don't bitch and moan that you're paying for socialized education when public universities are reasonably priced and Pell Grants are easy to obtain if you're 24+. A large chunk of that money comes from lottery proceeds anyway. Big deal.
aegisforex 2 years ago
But where does the money come from for a public univeristy grant, loan, lottery etc.? It comes from taxes. Also, whenever you take on any debt whether it's a mortgage or a student loan, the money supply is expanded and inflation ensues. It's a hidden tax. Look at the Dow priced in dollars compared to the Dow priced in gold, silver, copper, oil, iron ore, etc.. It's keeps plunging. Public university are paid for in taxes. Hence "public university".
TenderTrap86 2 years ago
aegis is correct. If you eliminate education spending, America will be in a world of sh*t in 20 years. You sound like a dumbass teabagger. Go suck Ron Paul's cock.
remmyjable 2 years ago
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- America will be in a world of sh*t in 20 years-
America is in a world of shit right now. Are you blind? Do you really think that this economy has already had a full rebound and now we can get back to "normal"?
Peter Schiff talked about how the economy would collapse two years before the warning signs even popped up in 2007. People actually laughed in his face. Now he's saying the govt. is making it exponentially worse and people are still deaf. Nobody saw it coming? Yeah, right.
TenderTrap86 2 years ago
@aegisforex Me and all my business partners are non-college educated and very successful. However, several of my friends that do have college degrees from big schools barely make 30k a year and still have student debt. The lucky ones maybe make 50k. The whole system is backwards.
vociti 2 years ago
Comment removed
aegisforex 2 years ago
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Well, you and your business partners are the exception, not the rule. How many of your college educated friends actually have a degree in something useful like accounting, engineering, or nursing? I don't know of any college educated accountants, engineers, or nurses who don't make at least $30k to start. Try applying for one of those jobs without a degree. Your resume won't make it to the HR-bot's desk.
aegisforex 2 years ago
@ik999 Because think about it. If you are an Economics major do you think there is barriers of entry into the labor market? If you plan on making more then $20,000 a year not doing something that no one wants to do you pretty much have to go to college. They are a price maker, especially when the government backs all of the student loans and has now taken over the majority of them. But in the long-run who cares if you take out 100k in loans? The dollar in perpetuity, is worth nothing
bpolley0 1 year ago
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@ik999 Because think about it. If you are an Economics major do you think there is barriers of entry into the labor market? If you plan on making more then $20,000 a year not doing something that no one wants to do you pretty much have to go to college. They are a price maker, especially when the government backs all of the student loans and has now taken over the majority of them. But in the long-run who cares if you take out 100k in loans? The dollar in perpetuity, is worth nothing
bpolley0 1 year ago
@ik999 you should adjust ur sentence. if people cant afford to go to college, then colleges will LOWER their prices not close down
MIT2004 1 year ago
@ik999
There are multiple people trying to make free universities on the internet which if it gained some traction should give enough competition to 40k colleges to bring down those prices. However, I don't know that this will ever amount to anything (USNEWS seems to enthrall prospective students and I don't remember ever reading anything about alternatives to college in their other than votechs).
You're paying for the degree, not the education it seems.
EmeraldAxe2 6 months ago
The US has to bring back manufacturing and agricultural jobs if we want to have a sustainable economy.
The government doesn't have to subsidize education. Education ought to be fully privatized. No more taxing us for mediocre public school education and free lunches. Some kids come out of high school and can barely read and they're garaunteed a student loan by the government to go to college. Let the free market take over instead of more government and more taxes.
TenderTrap86 2 years ago
The agriculture and manufacturing jobs aren't coming back to America nor should they. If you're a Luddite, move to Asia or become Amish. You need to go to school and learn a real skill.
aegisforex 2 years ago
Why shouldn't manufacturing and agricultural jobs come back to America? Do you know why China is now the second largest economy in the world? It's the world industrial giant.
Who says that if you don't have a college degree you'll end up working at Burger King for minimum? I know plenty of people without them and they probably make more than you do.
And the reason there are cesspool cities like Detroit, Cleveland or Pittsburgh is because their manufacturing jobs went overseas in the 70's.
TenderTrap86 2 years ago
Peter Schiff is the man.
pizzaman31791 2 years ago
PETER NOT SO CLOSE TO THE MIC PLZ
dave997 2 years ago
Peter makes an excellent point about tuition. I always wondered about those people who "worked their way through college" during the 1940's, etc. When I was in college during the 1980's, I couldn't imagine how I could possibly earn the money necessary to pay my own way through college.
iwanagaa1919 2 years ago 2
Somebody should give this camera man an anti-shake camera.
leoca 2 years ago
The next 4 faces on Mt. Rushmore: Peter Schiff, Ron Paul, Ralph Nader & Paul Kangas, See the video: You tube: paul8kangas, Peter Schiff for Senate.
paul8kangas 2 years ago
ehhhhhhhhh, ralph nader?
You'll have to elaborate, why is he so great exactly?
fluff125 2 years ago 2
how the fuck can you possibly like peter schiff and Ralph Nader at the same time. Thats like the retards who call the themselves social anarchist. They are the exact fucking opposite.
hiredgoons10 2 years ago
Perhaps he likes them because they both champion the truth. And if you want this to be a mature debate then there is no need to swear.
Personally I think they are all great men, and deserve recognition. But we shouldn't overly idolize them. For example, I love Ron Paul but I happen to disagree with him over health care.
NathanZackery 2 years ago
And how can you possibly equate ron paul with nader. Paul's philopshy is "government out" and then he figures out a rationalization. Nader is a green party member, he is an intellectual who can see through the reactionary tax ideas of paul and conservatives. Just cause they both want to legalize pot doesn't make them at all similar. I don't honestly believe that it is possible to support or agree with both these men if you understand even just their basic positions.
hiredgoons10 2 years ago
In order to admire an intellectual it is not necessary to agree with absolutely everything they say. Many political thinkers have drawn inspiration from a wide variety of sources. We may all have our own ideas about the ideal way for society to behave, but that should not force us to discount anyone who is not our mirror image.
NathanZackery 2 years ago
and there is nothing immature about using swears to emphasize a point, long as its not directed at someone. and i maintain that social anarchists are so dumb they should be labeled retarded
hiredgoons10 2 years ago
Haha, my Mt. Rushmore picks would be Ron Paul, Peter Schiff, Jesse Ventura, and Goldwater
DA5521 2 years ago 3
this is why they fight for power. but the dems better watch out if they eliminate the republicans completely they might get a party that won't play good cop bad cop with them
hobieslug45 2 years ago
Ha, sensational sounding, isn't it? Like a script from a Hollywood movie. But it is true. I advise everyone reading this to stop focusing on the negatives of today. Except them, prepare your family and yourself for them, and prepare yourself to be a leader that America will so desperately need. Y'all are already ahead of the curve. Stay ahead, become a leader. Be an example of the American Spirit that made us great in the first place. Its on us, folks. Can we rise to the challenge?
macrofocus1988 2 years ago
The fact that you're watching this vid means you see through the facade of prosperity our US society is based on right now...you see the fact and you see the truth. Our society is not going to choose to change, it will be forced to change. It will burn in a purging fire, and if our nation is to regain its position as leader of the world, leaders are going to have to rise from the ashes, heros who like Washington and Lincoln, can take this nation on their backs and lead us to salvation.
macrofocus1988 2 years ago
the average person is getting completely screwed over right now. its a disgrace!
bnash2002 2 years ago 3
Obama is a bastard. he is just following bush's policies.
END the Federal Reserve.
hyylo 2 years ago 11
He is basically saying we should just accept that millions of people will become poor and lose their jobs. Great fucking attitude. And by doing nothing, he believes, the economy will just fix itself. Not doing anything worked so well in the past. Just look at how recession free the 1800's were. Oh wait, free markets didn't actually work then. But if this fucktard says they will work now, he MUST BE RIGHT. I mean come on, how can a man who believes in the gold standard be wrong?
hiredgoons10 2 years ago
f*ck you.
peter schiff is wright. ron paul for president.
we need to end the private federal reserve
hyylo 2 years ago
If you actually think that these ideas are right, why don't you just move to Africa where there are no taxes and corporations can do whatever they want. OH YEAH, CAUSE THOSE PLACES ARE POVERTY RIDDEN WASTELANDS where the people are exploited and the gov is run by business. So before you advocate something why don't you go experience it first. Stop trying to take down the system that protects you from anarchists like ron paul.
hiredgoons10 2 years ago
we discuss these things in college . all my economic tutors agree with the views of ron paul and peter schiff.
before you try to act as if you know your stuff please be aware that 000's of americans have lost their jobs! Why? Because of the private federal reserve.
You need to educate yourself in the mises institute of economics and global trade. search youtube :P Peter Schiff and others like him advocate the mises institute.
hyylo 2 years ago
"000's of americans have lost their jobs! Why? Because of the private federal reserve." THIS IS A LIE. I'm not saying your professors are deliberately lying to you, they are victims of a lie perpetuated by corporate interests. You need to stop studding Austrian economics and get a real education. Austrian economics work on paper ONLY. The ideas have been disproven again and again when applied to real world situations. Learn science and u will c that these ideas don't apply to the real world
hiredgoons10 2 years ago
(1)The only thing that has failed everywhere it has been tried is Socialism, fractional-reserve banking, and government intervention in markets.
The one place where Austrian economics was tried, Austria, led by Ludwig von Mises--about as Austrian and economic as one can get-- halted the inflationary results of government massive debt and printing of fiat currency.
Only when Austria went back to inflating. as the US is now doing, did bad things happen again.
ed2276 2 years ago
(2)There have been some 33 countries over the years who have tried this massive debt, inflationary printing of fiat currency. All have failed miserably. The latest is Zimbabwe. Next up will be the US. One cannot repeal the horrible and miserable consequences of socialism, statism, and inflationary policies we have seen time and again...with their attendant loss of human liberty and increase in state tyranny.
You can't fool those who know history with your nonsensical assertions.
ed2276 2 years ago
Ed2276 > hiredgoons10
Owned my good sir
DaShroom 2 years ago
Wow, I don't think they would ever invite a speaker like Mr Schiff to my old school. Great set.
DaviDeXtA 2 years ago
I have to disagree with Schiff here. Part of the reason tuition has gone up so much is because more people are going to college. There aren't enough good paying jobs that don't require a college diploma any more. While I was in college, our student body almost doubled in size.
Spengler56 2 years ago
But why can all of these kids all of a sudden afford to go to college in the first place? It is because the govt facilitates their ability to go into debt. And economically speaking, the fact that so many kids cannot repay loans tells you that the price of tuition is not worth the increase in living standards brought about by the university. I know many college grads working at 8 or 9 dollar an hour jobs, its such a ripoff if you just want a liberal arts degree or something.
jaaje29 2 years ago 3
And that is the problem. Interfering government basically encourage people to go to the college despite the fact that no jobs are available for them. They know it, people know it, but somehow majority of parents is convinced that their kid has "right" to receive college diploma. Nonsense. American industries need engeneers, scientists, tractor drivers - not pussyfied assholes with sociology and art degrees paid by taxpayers money. It is time to drastically reduce the government.
mountainpatriot 2 years ago 3
I think we as citizens must borrow the money from the Gov, go to college and never return the money. Just pay the interest and take the loan to the grave. OR another way is to not return the loan "en mass". Can the gov come after millions of people...... if they do... start a civil war!!
takla3210 2 years ago 10
LOCK AND LOAD...its seems to be in the works....thats all they will understand.....Civil war
reprahdmmr 2 years ago 2
"Resistance to tyrants is obediance to god."
!!!
Hail Holy Liberty!
barrywinehousexp 2 years ago 2
@takla3210 tried it brah. Canada revenue assumed the debt then started garnishing it off my Ei cheques. EI is only 55% of your income and they took another 50 so I was getting 27.5% of my income. Why unemployed??? 2 years couldnt find a job. Now I work a labor job where education means absolutely nothing. Turns out the 2 year course I took means nothing and I need at least 3 more years co-op, or the 5 year add on to be meaningful to any decent employer because EVERYONE ELSE has it!
rustyscrapper 1 year ago
@takla3210 YAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA!!!!!!!!!!!!!!!!!!!!!!!
lisalee281 1 year ago
@takla3210 Good Point.
bad4ever2001 1 year ago
@takla3210 Especially since the money was created out of thin air or literally just typed in. The banks got our bailout money, then turned around to foreclose homes, raise interest rates, and offer no kind of relief. The money really never existed in the first place.
AroundSun 10 months ago
I am also sickened by the guidance counselors who encourage every student to give college a try, even kids who barely graduate high school. A few years later, they have no hope for a degree and tens of thousands of dollars of debt ruining their credit.
Burt1038 2 years ago 3
I, for one, would be totally content if fewer people went to college. Too many people go who don't really take it seriously, or who just don't have what it takes. Honestly, what's wrong with learning just a skill? We can't all be engineers and scientists. My neighbor is a plumber and he makes more than my sister, who has a master's degree!
Burt1038 2 years ago 6
a serious recession wont solve anything either.
chaniwie 2 years ago
Peter Schiff for Senator!!!
luxuryglow 2 years ago 2
im happy to see people finally waking up.
nolan067 2 years ago 2
We are slaves to debut, maybe they want to make sure that educated people keep in line by keeping 'stable' jobs and paying back their debt. It's a way to keep the rich rich and the poor poor.
It's a method of control.
underdog3 2 years ago 2
Peters point is well taken. If there was no govt loans for students, no one can afford to goto colleges, and the schools would have no students to support the cost of running the school. The school must either reduce tuition, or declare bankruptcy and resulting in the disbandment of the college.
falconxlc 2 years ago
Bingo!
brownns83 2 years ago 2
I agree.
ed2276 2 years ago
I dont buy the blame the union rhetoric
unions make concessions all the time to managment
eyehategumbo 2 years ago
Even crime doesn't pay with the government running it.
meandean222 2 years ago
so we need less kids going to college
they can go into the manufacturing jobs that dont exist anymore??
after this whole recession we obviously need
this guy needs a reality check
eyehategumbo 2 years ago
They could go into farming
What are you going to do with a college degree 1 year from now? No1 will be hiring.
jobrien2001 2 years ago
The reality is that there is a reason that we don't have manufacturing jobs anymore and we need to reverse that here in the US. Schiff points out that we are a nation of consumers, not producers, and so we are a nation of debtors. The only way out is to produce things, and not for our consumption, but for export. We need to build back a manufacturing base for our economy and actually produce things, rather than going into debt buying stuff others produce. That's reality.
ed2276 2 years ago
I can agree with that
eyehategumbo 2 years ago
(1)Cool. I am glad to hear that. The thing is, though, you are right, the jobs have gone and so we need a shift away from service sector, nonproducing jobs to a manufacturing base. In order to do that, we need a reallocation of capital, so entrepreneurs can establish manufacturing businesses and a reallocation of labour from service sector jobs into manufacturing jobs.
ed2276 2 years ago
Schiff points out that this is why the bailout of these failed financial businesses is so harmful...it ties up capital that could be used by entrepreneurs to create manufacturing, sound, productive business in failed, bloated, non-producing business and jobs.
If that money was freed up it could be used to really make a difference, not just to create make-work jobs, but to create productive jobs that actually bring value in the things they produce being bought through export.
ed2276 2 years ago 3
Let's ask who got those trillions of dollars of bailouts? Let's name names. Goldman Sachs for one, correct?
CarryANation 2 years ago
I totally agree, some people don't deserve to be employed. But I'd be very careful saying we need a recession because it sounds like a person wants people to dump assets so he can buy up.
funwjoshnjenn 2 years ago
Everything the govt touches gets more expensive
RuflessRecords 2 years ago 4
Schiff is right on. No one ever thinks about WHY college costs so much.
HeWhoPawns 2 years ago 3
I don't like blaming govt for everything, that sounds as responsible as a Marxist, but I agree in general, that gov't intervention promotes and encourages high prices.
INDEED, not everybody deserves education and employment, we should embrace inequality and poverty.
funwjoshnjenn 2 years ago
We need more than a recession. We need a collapse. If that doesn't happen we're on our way to socialism or fascism, it seems.
LisaJ4Liberty 2 years ago 2
We are well on our way to socialism or fascism, as it is. In fact, we are already into the fascist phase. We will without doubt have a collapse, which will be the natural result of Obama's policies, which the Dems in Congress can pass unchallenged...the Repubs, even if they wanted to stop the Dems, can't stop them.
Socialism, like fascism, cannot succeed.
ed2276 2 years ago
the republicans are pissed because obama is not spending money on their corperations . he's got his own way to sink the country
hobieslug45 2 years ago
I don't know how you can say that. Of course Obama is spending money on corporations. That's what the whole bailout he and the Dems passed are about. Bush bailed out the corporations , with the participation of the Dems, but Obama and the Dems continued and multiplied the corporate bailouts Bush started.
ed2276 2 years ago
ed2276
of coarse the dem and repubicans are going to obay thier masters thats why he hiered giethner and kept bernanke on the books . its the corperation that put them on boards and give them perks and keep them in office
hobieslug45 2 years ago
People need to get over the myth that Dems are for the little people and hate corporations. If they were for the little people they would have cut our taxes severely; that's how you help the little guy; not by giving us an extra $13 a week in tax cuts. How does that help us? So, we can go to McDonald's once a week now?
Instead, the Dems should have let the failing corporations go bankrupt and have given the People back more of their money in tax cuts.
ed2276 2 years ago
THe two parties are the same...they work for one common agenda....its showing more and more every day. Jessie Ventura said it right when he stated that infront of the camera's the parties are bitter enemies, behind the scenes they are all best friends...JUST LIKE WRESTLING...working for a common cause...to tax us into slavery and rangel away all our rights
reprahdmmr 2 years ago 3
Why did the Dems bail out those corporations if they are so anti-corporation? It was the perfect time to stick it to those greedy corporatists! But, what did the Dems do? They rewarded that greed and saved the corporatists' asses!
Why are the ranks of the Obama Administration filled with corporatists if corporatists are so evil and disgusting to Dems? Where do Dem reps and senators go when they leave office? They get corporate jobs, making hundreds of thousands of $ !
Let's get real here.
ed2276 2 years ago
i'd like Schiff to point me to the laws that explain the high price
Melpheos1er 2 years ago
"i'd like Schiff to point me to the laws that explain the high price"
Schiff didn't say anything about LAWS, if you listen again he points out that Government backed LOANS encourage prices to rise by preventing the natural market forces from keeping them in check.
swiftysmithuk 2 years ago
Ho... my bad.
Poor audio makes my stranger ears hear LAWS instead of LOANS. Thanks for pointing that out.
Melpheos1er 2 years ago
I agree with a number of things Schiff says, but this is a point where I mostly disagree, but not entirely. Tuition is high partly because of loans, but also because education is a private enterprise where Board of Directors set prices (at least at private schools) not the market. Take a look at Western Europe, education is largely run and subsidized by the government (directly) and it is mostly free, even private institution tuition in Europe is a fraction of private US tuition.
Relic5150 2 years ago
(1)Well, the private enterprise colleges set the price high because the lenders are willing to lend those high amounts to students because the loan is guaranteed by the government. What that means is if the student defaults, the government pays. If the government pays it means that the taxpayers are paying for the student to go to college, the student isn't.
If the government didn't guarantee the loan the lenders would not be willing to risk their own money and wouldn't make the loan
ed2276 2 years ago
(2)If the lenders would not lend then the kids couldn't get the money to pay the high tuition and would go to other colleges with lower tuition. The colleges that charged higher tuition would then have to drop their prices to get kids to come to their schools. As long as the government guarantees loans colleges can raise the tuition higher because the lenders will be willing to lend, no matter what the price.
This is exactly what happened with the mortgage crisis...look at those results.
ed2276 2 years ago
Yeah I think in American we try to have it both ways, we try to have private lenders and private institutions controlling public funds, is the crux of the problem as I see it.
But I still can't blame the government for attempting to get people to the means of earning an education. The government should just regulate private degree granting institutions. Nothing too drastic, but education should be a right, not a privilege.
Relic5150 2 years ago
The idea that Western European government subsidized tuition is mostly free misses the point that governments do not have money of their own. The people are the source of government income...through taxation. So, even though the tuition may appear to be free, it is still the taxpayer who is paying the cost.
Whether by government guaranteed loans here in the U.S. or direct government subsidization in Europe, it is not a result of free markets working, but of government intrusion into markets.
ed2276 2 years ago
I feel like this is about to get out of control, seeing that I am actually on the other side of the poli-eco spectrum.I just think that Shiff and the Austrian school people have some good points. Overall, I think government intrusion into the markets can be positive, and is mostly positive...it just depends who is in control of the government, which is usually not someone who has the interest of the people. But overtime things have gotten better in the world because of government intervention.
Relic5150 2 years ago
Government intrusion into the markets can only divert resources from one place to another; most people only see the positive result caused by a concentration of the expropriated resources.
"There is only one difference between a bad economist and a good one: the bad economist confines himself to the visible effect; the good economist takes into account both the effect that can be seen and those effects that must be foreseen."
~Frederic Bastiat
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swiftysmithuk 2 years ago 2
you hit the nail on the head.
terrabletim 2 years ago 2
Yes, but which business does not set prices? If you start a business, you too have to set prices. But you would not set prices ridiculously high because then nobody will buy your product, you become technically uncompetitive. There's nothing wrong with private enterprises setting their own prices, provided there's no government intervention to distort the supply or demand.
bochap21 2 years ago
Yeah but if I remember not everyone in Europe goes to college (if they cant get over a certain score they dont go).
NotAnotherPlatformer 2 years ago
Thank you Peter for giving us followers a real education for next to nothing!
thane17 2 years ago
True! College tuition goes up as much as 7% per year across the board but the quality of education has been dropping like a bomb over the sky of Hiroshima. It is a shame. The beauty I believe is in the alternative form of education like the internet. People are getting tired of being ripped off and put into debt and will invest their money smartly.
AFRIKTODAY 2 years ago
yeah, but who's going to give up college?
marniespeaks 2 years ago
I don't think he is saying give up going to college. He gave the example of his father going to UConn without taking loans and being able to afford college on just the money he made from Summer jobs. He is saying that if government didn't make guaranteed loans available then the schools would be forced to drop tuition prices, they couldn't endlessly raise tuitions; people could afford to go to college paying from just the income they make from part-time or Summer jobs.
ed2276 2 years ago
and what do you think would happen if the government said it was going to stop guaranteeing loans to students? You'd have riots.
The only solution is free education for all - based on test scores - bring down the salaries of administrators and professors. Private colleges can sink or swim.
We're going to have to go through full blown EU type socialism or we will end up with Corporatism. There's no middle here any more.
marniespeaks 2 years ago
What will happen if we drop the salaries of administrators and professors? We will have riots!
Riots? Please drop the melodramatics.
We already have a middle ground. Who do you think the anti-corporatist Dems just bailed out? Their corporatist friends. Where do all these altruistic Dems go when they leave office? Into million $ corporate jobs! You are getting your wish. Obama and the Dems in congress are creating a fascist state far faster than Bush did. Full blown socialism isn't far behind.
ed2276 2 years ago
try reading what I wrote otherwise you look stupid.
"and what do you think would happen if the government said it was going to stop guaranteeing loans to students?"
students asshole
marniespeaks 2 years ago
I read and understood what you wrote; apparently you are too dense to comprehend what I wrote in reply. Let me help you.
You propose the silly notion that students will riot if their loans are cut, yet propose that administrators' and professors' salaries be cut, which would by your logic lead them to riot. You miss that point.
The chances of students rioting if loan guarantees are stopped is about as great as the chance that administrators and professors will riot if their pay is decreased.
ed2276 2 years ago
you're skirting the topic because you read what I said incorrectly, but continue to be sheepish moron.
further if you don't think students will riot if the FEDS were to cut off guaranteed loans to students, not to mention grants, you're out of your mind.
76% of students in college have taken out a government guarantee loan.
just try and stop that program I dare you!
marniespeaks 2 years ago
Try leaving out the profanity attacks in your replies otherwise you look ignorant, childish, and incapable of intelligent discourse.
ed2276 2 years ago 2
like you? bugger off old man
marniespeaks 2 years ago
Schiff for PRESIDENT!!!!!!!!!
rikestard 2 years ago 3
I'm so fed up with these big government college professors. They spend all of their time finding new ways for the government to run our lives.
The feminists want more gender laws, the black studies want more affirmative action laws, the economists want more regulation and money printing, engineers want more contracts with the military, the music majors want spending on the "arts."
Our colleges are full of government androids! It's disgusting.
user197a 2 years ago 8
Good stuff Peter.
Intervene 2 years ago