Well clearly a conservative in academia is of little to no value to society at large, but maybe we should look beyond you as the example. But to keep things simple as I disappear from this thread for work, would the multiplier of such a program be below 1? (Such as the .6 or so for paying that soldier that conservative like to fraudulently use as a proxy for all spending.)
"Multiplier" analysis only makes sense if you're advocating this program as short-run stimulus spending. I can't imagine that any of its supporters would make that argument. These sorts of proposals are nearly always put forward for their long-run benefits, not for short-run issues.
Not true at all. Spending on those things that generate a return on investment (i.e. more dollars are added to the economy than are taken out) is a positive. Period.
It's not clear at all that this program will generate any kind of significant positive return. A huge majority of the beneficiaries will be people who were going to college anyway, meaning that society gets literally zero benefit from from this program. Society was always getting the lower crime rates, higher incomes, higher taxes, more creative juices, etc. -- all the spillovers people like to claim for education. The only thing that changes is who is paying the bill.
Also, none of this has to do with multipliers.
But can you please cut out the "means testing" nonsense? I thought you were an economist?
In its current iteration, this is just another entitlement program for the middle class, not much different than the home mortgage deduction. It's indefensible on any sort of economic grounds.
I can get on board with something like this as a program to help the poor improve their lot in life. But my kids -- and the kids of 95% of FBGs -- don't need the government picking up their college bills. That's why I'm for means-testing this. If you want to do this to help the poor, fine. Don't just hand money to the middle class.
It is a societal good for our brightest and best new entries to the economy are loaded with an average $30K in debt? And I'm guessing that those that would benefit the most from this have that number quite a bit higher. Along with other forms of personal credit run up while in school.
The "student loan debt" argument works in my favor, not yours. The reason why people go into debt to pay for college is because they believe (correctly) that they're making a good private investment with a positive rate of return. If that's the case, and it is, then this is an activity that doesn't need any further subsidies. The people who reap the benefits of college are the ones who mostly pay the cost. That's how things are supposed to be from the standpoint of economic efficiency.
Again, if your argument is that this is a welfare / transfer program, that changes things and that's fine. But it's time to drop the argument that this program somehow benefits society overall. This is going to have an extremely low social rate of return because in 99% of cases, all it's doing is changing the name of the entity who signs the check.
(On a side note, the student loan issue is grossly exaggerated and community colleges are the institutions least responsible for this non-problem. Those are side points that I don't want to worry about too much, but you have a tendency to cram a lot of wrong into a very small number of words, and it's important that people understand that the median student graduates with an amount of debt equal to that of a modest car loan. That's not a problem).