College students all over the country are in tens of thousands of dollars of debt for educations that would be largely subsidized in more civilized countries. Does anyone really think most of this debt is going to be paid off in an economy from which jobs are disappearing?
From Occupied Chicago Tribune:
Middle class families have seen their wages stagnate for decades, while the cost of college education has risen more than 300%. Lingering unemployment means new graduates are hard-pressed to pay off their burdensome debt, which now averages more than $25,000. In 2007, 50% of college graduates were able to find work immediately. In 2009, this figure had dropped to 20%. Increasingly, graduates and drop-outs are facing a lifetime of struggle and indenture-ship after leaving college.
However, far from being a narcissistic pet issue for the disproportionately young Occupy crowds, student indebtedness in countries without universal education systems is a symptom of the same underlying pathologies that brought down the housing market five years ago, and could soon be the cause of another sudden, catastrophic economic contagion…