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Method
The government could fund college tuition the same way they fund almost everything, through taxes, borrowing money, selling bonds, etc. However, regardless of how the government pays for the costs, it is almost guaranteed that the money will be earned back through a more productive workforce thanks to the more accessible education and the investment money will be returned. According to Sanjeev Gupta, borrowing money would be the quickest option and would allow the government to access the money as fast as possible, however because these investments can take time to be repaid, spending tax money or selling bonds would be an overall more effective method. Additionally, more support from citizens aid in making education investments more feasible as policies are easier to implement with more support, so by persuading more people to be willing to invest in education, it allows for the system of education funding to become more stable and have more precedence.
Proof of Feasibility
Proof of Feasibility
Education has been known for being an incredibly reliable investment. Every year of education for a person usually gives them a 10% boost in annual earnings, a statistic that’s been consistent, even through an economic catastrophe like the COVID-19 pandemic (Patrinos). These returns are even higher than investing in the stock market.
A famous example of the high returns of investing in education is the speedy development of many Asian countries, but especially South Korea. In 1953, South Korea was in ruins after the Korean war. Korea was able to pull itself out of poverty through their citizens who were able to receive a quality education from America. Additionally, the Korean government also focused on making sure all of its citizens had access to quality education which created many competent people that would later become business makers and parts of the government and economy, aiding Korea in recovering extremely quickly and directly boosting economic growth as a result of better education (Seth). Nowadays, South Korea is an economic powerhouse, having the 13th highest nominal GDP in the world, and being 4th in Asia, and almost all of it was thanks to their rapid education.
Not only is education beneficial for the economy, it even has spillover benefits, like civic engagement and improved health. Education also increases social mobility, which can combat social inequality, which could be preventing major issues down the line such as political polarization and unrest (Gupta).
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