Education savings accounts would be costly, wasteful

Hats off to Indiana’s nonpartisan Legislative Services Agency. Thanks to it, we can put a price tag on a proposal for a private-school voucher program open to all students, regardless of family income:

At least $170 million a year.

Statehouse domeHouse Bill 1675, sponsored by Columbus Republican Ryan Lauer, would create what’s called an education savings account program. Students who attend accredited private schools could set up the accounts, and the state would deposit funds that they could use to pay tuition and other expenses.

It would go far beyond Indiana’s existing private-school voucher program, which is already one of the biggest and most generous in the country. It comes close to enacting the “universal voucher” plan that libertarians have fantasized about since Milton Friedman suggested the idea in 1955.

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