In the 2006 elections, Carol Shea Porter made a major point of repeatedly criticizing Jeb Bradley on all manner of issues, demonstrating, she said, that he should not be a member of Congress. But oddly enough, as soon as she was elected, she quickly adopted the same actions she accused Bradley of.
So, shouldn’t she now be measured against the same standards to which she has held others?
The argument being made in Washington is that by eliminating the profit from student loans they will be cheaper. They have recently made the same argument in the case of healthcare insurance. The most worrisome aspect of all of this is that it shows a fundamental lack of understanding of basic economics.
Profits are a return to the efficiencies of doing a good job. No one will pay extra just for the thrill of it; there needs to be a good reason for such charges before people will shell out their hard earned money. At the same time, profits are a signaling device to the rest of the market that encourages new players, ultimately bringing in competition, reducing costs and thus increasing innovation and improved service.