The investment yields, say, 3.25%--or whatever ZimbabweBen has run the long bond down to...
State Treasurer David H. Lillard Jr. won approval for the suspension by the BEST program's board of trustees Monday afternoon. The state has pumped $40million of taxpayer money into the prepay program in recent years to cover the gap between its payout and investment earnings, including $14.75 million this year.
"I believe the prepaid tuition program was started with good intentions," Lillard said. "I do not believe it would be wise to potentially put future taxpayer dollars at risk by expanding the program."
The costs at university have gone up a multiple of that, for a long list of reasons.
The state has spent $40 million keeping the program solvent, and wisely, threw in the towel.
Next time we see TurboTax Timmy and BawneyFwank demanding Doz'Wascawy Wepubwikans stop criticizing Da Fed...could we perhaps remember what the inexorable math created by these sorts of people and policies actually does to people in the real world?
Yes, yes, the State of Tennessee should not have opened the program thirteen years ago, perhaps. And the first year the taxpayers had to pony up to maintain solvency, this action should have been taken.
But, this object lesson in the punishment of savers and rewarding of hustlers will not be lost on the young people whose families decided to save for college.
Math matters.
No comments:
Post a Comment