Chris Christie Suggests College Students Should Sell Themselves To Investors To Pay Tuition
New Jersey Gov. Chris Christie (R) spoke about student debt, school choice and teacher accountability at Iowa State University in Ames, Iowa, on Thursday. Christie is expected to announce a presidential run soon.
After delivering an account of how his father, an excellent student who was accepted at Columbia University, enlisted in the Army instead because he couldn’t afford the tuition, Christie said debt-free college was not the answer.
Christie said students shouldn’t expect to receive a degree that will significantly improve their earnings for nothing, but he mixed more conservative rhetoric with an acknowledgement that students should be able to receive some assistance.
He cited his father’s choice to attend Rutgers University, where he earned a bachelor’s degree in accounting after six years of both attending school and continuing to work, as the reason his father was able to get a career working on Wall Street for 40 years. Christie’s father attended through the G.I. bill.
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http://thinkprogress.org/education/2015/06/11/3668713/chris-christie-makes-college-affordability-priority-iowa-speech/
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Joe Jones, a bright college student without much money, sells stock in his "human capital" to a corporate investor, and the investor pays his tuition. Joe graduates but can't find a decent job in his field; he ends up flipping burgers at McDonalds to (barely) support himself. The investor, unhappy at the return (dividend?) this "stock" is paying, offers Joe a job in his field, but the catch is that most of Joe's salary will be kept by the corporation/employer that owns Joe's stock. Joe nets only what he was making in the fast food business, so the corporate investor gets the benefit of his labor for almost nothing. But the investor still isn't making all that much off Joe and the other "human capital" stocks it owns, so it sells the stock to an investment bank, which in turn bundles them in tranches and sells them to other investors, just like those subprime mortgages that caused a little commotion not too long ago. Meanwhile Joe continues to labor for almost nothing until the value of his tuition loan is paid up - maybe in 10 or 20 years. If he leaves for a better job, he still owes the debt.
Great idea. 
