Thousands of students took to the streets of London today to protest austerity measures enacted by the British Parliament, which will see tuition caps raised from approximately 4,700 pounds a year to nearly 14,000. In other words, tuition will be tripled.
The increase alone would be enough to incite riots, but one particular sore spot is the Coalition Government is currently made up of Conservatives and Liberal Democrats. In fact, the deputy Prime Minister, Nick Clegg, a Liberal Democrat, actually signed a pre-election pledge to oppose any tuition hikes.
The Liberal Democrats are typically a popular political party with students, as they have more progressive societal views and tend to lean more heavily for social programs and more universal education.
Today, students made public their thoughts on the government's decision. Sit ins and demonstrations were held across the nation, and central London was flooded with students waving banners, beating on drums and chanting.
The protests turned into riots in some part of the city. Small groups of protesters began throwing flares and paint bombs, tearing down police barricades and scuffling with officers. At one point Prince Charles and Camilla Parker Bowles car was being punched and kicked as they tried to get to a social engagement.
But lets look at the logistics of the British Government's plan. I'm not sure I quite understand it myself.
To be fair, Britain is actually the second UK country to massively increase tuition this year. A few weeks back, Ireland also tripled the cost of post secondary education, as part of their mandated requirements to receive their bailout package from the EU. Harsh to be sure, but when the country is on the verge of veritable insolvency, harsh measures are required.
As for the UK, one of two things has occurred. Either the nation is also on the verge of bankruptcy, and has just done a much better job of keeping it quiet, or the Coalition government has just suffered a moment of colossal stupidity.
If the former is true, then the UK obviously has no intentions on asking the EU for a bailout, or we would have heard about it long before now. I don't think this is a very likely scenario. Which leaves us with, drum roll please, the latter.
Granted I am not an economist. But from what I remember from my business studies, if the economy is in retreat, the best way to correct the problem is to increase the median salary of the nation. Increasing the median salary means people are making more money and also spending more. It also encourages investment and increases the size of income tax contributions directly to federal coffers.
Sounds simple, right?
So what is the best way to increase median salary? Typically this is done by creating more highly trained specialists (who automatically command large salaries) and by increasing the number of entrepreneurs (who in turn pay more taxes and hire lower skilled labor).
And what is the best and easiest way of creating more highly trained specialists and entrepreneurs? Well, by making post secondary education more accessible of course!
So, since the government has chosen the opposite of the above example, what is likely the long term outcome?
Every 10% increase in tuition means less and less people can afford to access education. Since the tuition will go up nearly 300%, this means vastly less people will get the education they need. This provides the government a very small window of time to find other ways to save money and reverse the tuition rates. If the government fails to reverse the tuition costs, within 5 - 10 years, Britain will have a much higher unskilled workforce (who naturally make less money) and a much smaller skilled workforce. Thus creating a downward spiral in their economy for decades to come.
And of course, there is the potential long term damage done by continuing rioting.
The eyes of the world are on the British government now. I urge them to use this as only a temporary measure and come to their senses soon.
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