Politics

Free stuff can turn out to be a bad buy

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Free college! That's what the Democratic candidates were offering in their presidential debate. And it's likely that, if the subject had come up, they would have offered something like free home mortgages as well, to judge from Hillary Clinton's statement that she had urged Wall Street to stop mortgage foreclosures. Sounds a lot like free houses!

Free stuff sounds good to many people, and it's not just Democrats who promise it. Republican candidates have been talking about reducing college costs too, and George W. Bush was as passionate a supporter as Bill Clinton of encouraging home ownership for blacks and Hispanics.

Such policies are not necessarily examples of political demagoguery, though some are. They are based on observations of undisputed facts. College graduates over the years tend to make more money than non-graduates. Homeowners over the years tend to accumulate wealth and to build communities more than renters.

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