(Warning from your friendly neighbourhood blogger: ladders can go down as well as up.)
NEARLY two-thirds of university graduates under the age of 30 cannot afford to get on the property ladder, according to research published yesterday.Right on cue, the opposition's education honcho has the answer:
Fiona Hyslop, the SNP education spokeswoman, said that unless ministers act, long-term consequences for the Scottish economy were enormous. She said: "Young people saddled with debt suffer individually but are also a drag on the economy. We have to make sure they are not burdened down with debt in the first place, which is why we would replace the student loan system with grants. The Executive says that the economy is their number one priority, but they don’t seem to realise that graduate debt prevents young people from contributing to the economy or wanting to start up their own business. By lifting students out of debt, we will kick-start the economy. Ministers are ignoring this issue at their peril."Clearly Ms Hyslop hasn't heard of Frederic Bastiat and the fallacy of the broken window. Students with less debt may well go and spend their (ours actually) new found wealth on "kick-starting" the economy but the poor taxpayer who has to fund these students (hopefully not of economics) will of necessity be "kick-stopping" the economy as he will be all the poorer.