Peter Schiff

pressure to keep tuition down but what happened during the 1960s is the 18 year olds got to vote right and once 18 year olds could vote politicians figured well how can we get these kids to vote for us oh let's let's promise that they don't have to work their way through college anymore you could just bum around europe all summer go to woodstock and uh

We'll arrange loans for you.

You can loan money.

You can borrow money and just pay it back later when you get your job.

And so they started all these government guaranteed loans.

And then what happened?

The colleges reacted to that by raising prices.

Hey, the kids have all this money.

Right.

Let's raise prices.

And so and then they kept increasing how much the kids could borrow and the colleges kept raising prices.

And then they said, oh, well, let's have fancy gymnasiums.

Let's have nicer dorms.

Nobody cared how much anything cost because all the loans were coming in.

And so the government got involved.

And now college cost a fortune.

Everybody has a degree.

So it doesn't even mean anything anymore.

And you and you and you graduate with a mortgage.

The government caused tuition prices to skyrocket.