By James E. Miller
The Associated Press recently reported
that half of all new college graduates are either unemployed or underemployed.
These fresh-faced bachelor-degree holders are finding themselves opting for
waiting tables and serving coffee just to pay off a trillion dollars in student
loans. They are coming to grips with a lie perpetuated by university
professors, faculty unions, and politicians that deluded them into thinking
college by itself was the golden ticket to success.
Meanwhile, the rest of America is still
muddling through years of high unemployment. The jobs connected to Alan
Greenspan's housing bubble are gone and will likely never return. Federal
Reserve chairman Ben Bernanke met the financial crisis with an unprecedented
amount of monetary-base expansion, which has failed to significantly affect the
unemployment rate. President Obama and his allies in Congress threw $800
billion at the economy to no avail and have been running federal deficits to
the tune of over $1 trillion for three years now. This orgy of money printing
and spending has done little for the residents of Main Street but has done
wonders for Wall Street and other politically connected interests.
Last fall's Occupy campaign was
representative of a growing distrust of the American economic system. Although
many occupiers were misled into believing capitalism is the culprit behind the
sluggish economy, the protest's focus on income inequality was not wholly
inaccurate. Of course the inequality in income that is a byproduct of an
unhampered market economy is not something to demonize. As Ludwig von Mises
wrote in Economic Freedom and Interventionism, “Inequality of wealth and
incomes is an… (Read more)
Source: Mises.org
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