Now that some banks are being allowed to repay the TARP money they received, some portion of that money should be diverted to a new and different form of stimulus, one that would have significant short-term economic benefits as well long-term benefits for the country's soul. Specifically, I am proposing the creation of a new national university, similar to the military academies but devoted instead to the study of science, diplomacy, linguistics and other subjects beneficial to the nation as a whole and specifically to those who would aspire to serve the civilian branches of government. Like the service academies, this institution would be free to those who attended, but would require four years of government employment following graduation. Like the service academies, a certain percentage of admissions could be reserved for appointments by members of Congress and the rest could be awarded on the basis of financial need. Think about it for a moment - this is a win/win for everyone involved.
Here are just some of the benefits of such a program:
- Construction of the facility would provide an enormous short-term economic stimulus in whatever state it was built. To help ensure bipartisan support for the project I would suggest locating it in a politically competitive state currently represented primarily by Republicans, such as Missouri, Tennessee or Texas.
- The university would provide an excellent training ground for those government agencies which need specialized skills, such as NASA, the State Department or the DOE.
- The university would provide an educational opportunity for thousands of students who might not otherwise be able to afford an education of comparable quality, at least not without incurring a crushing burden of debt.
- The post-graduation service requirement would provide a meaningful option for those students who want to serve their country, but do not want to join the military, as well as infuse the ranks of government with hordes of bright young people.
- The university could benefit our national security by providing a source of skills lacking even in the military, such as translators or civil engineers.
- The university would be a cost-efficient center of government funded scientific research.
- Being new, the university could create an entirely new curriculum and thus serve as an educational laboratory. For example, each student might be required to study two languages, one of their choosing from a traditional list (Spanish, French, etc.), and one for which there was a perceived need (Chinese, Hindi, Arabic, etc.).
I could go on, but you get the idea. Now is the time to consider this plan because the entire facility could be built - and endowed - using money recovered through TARP without anyone ever noticing that it was gone. It would also be a vote of confidence in our national future, something we desperately need in this benighted era of short-term political grandstanding.