"Outstanding student debt now totals over $1 trillion. That's more than the nation's total credit-card debt.
The extraordinary rise in student debt is due to two related facts: the cost of a college education continues to increase faster than inflation, and state and local spending per college student continues to drop -- this year reaching a 25-year low.
But this can't go on. If unemployment stays high for many years, if the wages of young college grads continue to fall, if the costs of college continue to rise and state and local spending per college student continues to drop, and if the college debt burden therefore continues to explode -- well, you do the math.
At some point in the not-too-distant future these lines cross. College is no longer a good investment."
~ Robert Reich, from The Commencement Address That Won't Be Given
The 60 Minutes interview with Peter Thiel who is offering several of the brightest students $100,0000 to walk away from college into the life of the entrepreneur.
I agree, but no American can compete with people who get paid fish heads and rice.ReplyDelete
We need to get back to import substitution economics and ditch neoliberalism.
Oh, here's a link for your austerity question:
Select 'Total General Government Expenditure' from the drop down menu.
Keep up the good work and sooner or later we will all be eating fish heads and rice.Delete