Oireachtas Evidence on Income Contingent Loans

Readers may be interested in the evidence given by Aedin Doris, Darragh Flannery, Shaen Corbet and Charlie Larkin on the subject of income contingent loans.

By Stephen Kinsella

Senior Lecturer in Economics at the University of Limerick.

2 replies on “Oireachtas Evidence on Income Contingent Loans”

Really good from all. However I suspect the political will, in both university and oireachtas, is for an ICL . No analysis will shift it, as it’s a simple sounding solution.
All in positions of power want ‘a solution’. Not more analysis. Not warnings. A solution. Any solution that doesn’t involve spending more now. Possible losses three election cycles away aren’t relevant.

We already have income contingent individual graduate sourced funds for higher education. It’s called tax.

But Tax is Bad. The shadow of Chicago and the musing of Keynes on those in authority come to mind.

Setting up a dichotomy of third level vs primary as some sort of Battle Royale misses that that’s NOT an economic but a political choice.

ICLs are a really, really bad idea. However the proponents of ICLs and their naive and deluded supporters will plough on regardless. Its not that we (western economies) have not been in a similar place before (a debt swamp) – we have. Its just like what occurrs in the aftermath of severe natural disaster: we humans block out the really bad stuff.

I suppose I should just go long Electronic Ankle Bracelets – every undergrad will be compelled to wear one, until ….

The oldest rule in the Book of Life: Take life as it comes – and NEVER volunteer to take on debt! As the man said – “Its the unpleasant fiscal arithmetic (of debt).” It surely is.

“Debt is Freedom. Long Live Debt!”

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