529 College Savings Plans are Ponzi Schemes

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Virginia's 529 College Savings Plan has become increasingly desperate for money.

1. Originated by Eric Cantor, now House Majority Whip, and managed by his wife, the timeframes and advertising has change dramatically with only one obvious answer.
2. Originally, enrollment was only during the month of February. Now enrollment is year-round.
3. Originally, enrollment was limited to Virginians. Now anyone anywhere can enroll.
4. Originally, enrollment was to pay for college years. Now, you can pay for a single month!

Consider some trends in recent years.

1. Almost all state and local pension funds are underfunded relative to obligations.
2. The stock market valuations have not matched the inflation of education costs.
3. Public funds invested in the stock market are not managed by the best and brightest who, out of the starting gate, immediately go to the big Wall Street players.
4. Virginia's 529 advertises more and offers new options like the Virginia Lottery which introduces new, more frequent games to attract suckers.

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:

1. Why are Virginian taxpayers funding a Ponzi scheme that only benefits the rich?
2. Why are Virginians paying for advertising that is a Ponzi scheme?
3. Why are Virginians subsidizing students to go out of state or out of country?
4. What universities were allowed to low-ball their costs with the Virginia 529 quietly paying the higher, real cost?
5. Why do Virginians keep electing Eric Cantor who initiated a Ponzi scheme with his wife who has now gone to work for a private equity fund that legally robbing pensions and savings via 401s and IPOs?

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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