529 College Savings Plans are Ponzi Schemes
Virginia's 529 College Savings Plan has become increasingly desperate for money.
Consider some trends in recent years.
Conclusion: Virginia's 529 plan is underfunded and must increase its cash-intake to meet outflow.
529's are inflationary bubbles. Like all bubbles, the first-in inflate the product value to sucker others into buying at inflated prices. With Virginia's 529, the rich who can afford to pay college costs get to go to college at the lower prices of two decades ago. This disparity in tuitions requires the pay-as-you-go working middle-class to pay higher prices to make up for lost tuition because Richie Rich gets a big discount. Another example of Republicans privatizing benefits and socializing costs.
We need a commission which has been posted as a brainbee option in the Universal Brainbee. Questions to be addressed:
The average, middle-class taxpayer is being doubly screwed by the Cantor 529 plan. Taxpayers are paying for the increased advertisement (with real stupid storylines and imaginary characters that seek to scare parents). Taxpayers are, by law (which should be changed), on the hook for the difference between the funds and the obligation. Taxpayers are suffering the loss of revenues because of the tax-exemptions for 529 contributions.
If it is determined that the Virginia 529 College Savings is a Ponzi scheme then it should be liquidated with participants receiving a percentage of the funds like the participants in the Bernie Madoff Ponzi scheme. The lost savings should be viewed as an igknowance tax for igknowing basic economics, that is, the belief one can get something for nothing.
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