英语翻译by Thomas Sowell,EconomistThe first lesson of economics

英语翻译
by Thomas Sowell,Economist
The first lesson of economics isscarcity.There is never enough of anything to fully satisfy all who do wantit.(paragraph1)
However,the first lesson of politics isto disregard the first lesson of economics.When politicians discover a group who is vocal about the lack ofsomething they want,the “solution” will be to give them more.Where does“more” come from?—politicians who rob Peter to pay Paul.(2)
After a while,of course,wediscover that Peter doesn’t have enough.Bursting with compassion,politicians rush to the rescue.Needless tosay,they do not admit that robbing Peter to pay Paul will be a dumb idea inthe first place.On the contrary,they now rob Tom,Dick,and Harry to helpPeter.(3)
The latest chapter in this long-runningsaga is that politicians have now suddenly discovered that college studentsgraduate heavy in debt.To politiciansit follows,as the night follows the day,that the government may come to therescue with the taxpayer’s money.(4)
How big is this crushing burden ofcollege students’ debt that they hear so much about from politicians and mediadeep thinkers?For those students whograduate from public colleges owing money,the debt averages a little under$7,000.For those who graduate fromprivate colleges,the average debt is a little under $9,000.(5)
Buying a very modestly priced autoinvolves more debt than that.And a carloan has to be paid off faster than the ten years that college graduates get torepay his/her student loans.Moreover,students will keep buying cars several years,while one college education lastsa lifetime.(6)
College graduates,of course,earnhigher incomes than other people.Why,then,should we panic in the thought that they have to repay loans,for theeducation giving them their opportunities?Even graduates with relatively modest incomes pay fewer than 10 percentof there annual salary on the first loan the first year—with decliningpercentages in future years,as their pay increased.(7)