Wednesday, February 13, 2019

We are all peasants now: The student-loan crisis is destroying the middle class

As the world changed, we reverted to social divisions that we'd thought were obsolete.  . . . A plain majority of the townspeople were laborers now, whatever in life they had been before. Nobody called them peasants, but in effect that's what they'd become.
World Made By Hand
James Howard Kunstler 

American higher education is the emperor who wears no clothes. College leaders boast that our nation's universities are the envy of the world while they rake in so-called federal "student-aid" and parade about in medieval regalia peddling worthless degrees.



And America's young people are the losers. They've been gulled into thinking they can gain a middle-class lifestyle by getting a college degree and maybe a graduate degree as well. But millions are finding that their college degrees gained them little more than massive debt. And those online MBAs and doctorates they purchased with borrowed money--just junk.

According to the Federal Reserve Bank, outstanding student-loan debt reached $1.56 trillion last January. Around 45 million Americans have student-loan obligations and 7.4 million are enrolled in long-term repayment plans that stretch out for as long as a quarter of a century.  As Secretary of Education Betsy DeVos admitted with shocking candor last November, only one out of four student borrowers are paying off the principal and interest on their loans.

It is now well documented that student-loan debt is contributing to the nation's declining birth rates--now near a record low. People can't afford children because they're paying off student loans.

Young people can't afford to buy homes, they can't save for retirement, they can't pay off their debts.  Their liberal arts degrees, their shoddy law degrees, their fluffy MBAs and doctoral degrees qualify them to become baristas and clerical workers.

We are now in the early stages of the 2020 presidential election season, and what do our politicians talk about? Russia, border walls, free health care, and the Green New Deal.  We should be discussing the New Raw Deal--the deal our government and our universities have imposed on guileless young people.

For too long, Americans have bought the line that our colleges and universities operate for the public good and that the people who run them are wise and kindly. We particularly revere the ivy league colleges where we get nearly all our prune-faced Supreme Court justices and most of our presidents.

But if the folks who run Harvard are so goddamned wise, how could they have fallen for Elizabeth Warren's scam that she's a Cherokee? And if our elite college leaders are sensitive and kindly, how did little boys wind up getting raped in a Penn State shower room? And how could dozens of female athletes get groped by Larry Nasser while he was on Michigan State's payroll?

No, let's face the truth. Many American colleges and universities are not run by wise and kindly people; most are run by administrators who are primarily concerned with the bottom line. And far too often, higher education is not preparing young Americans to enter the middle class. On the contrary, by forcing people to take on oppressive levels of debt to get a college degree, colleges are setting up millions of Americans for a lifetime of peasantry.








13 comments:

  1. You diminish an otherwise strong argument by disparaging the importance of health care and climate action. Student loan debt is not our society's only critically important problem, just one of many.

    ReplyDelete
  2. Health care and climate change are important issues. But we won't solve either of those problems unless our government stops driving millions of people out of the middle class by imposing massive debt on them.

    ReplyDelete
  3. This comment has been removed by the author.

    ReplyDelete
  4. what a best info update of the blog that makes me learned properly, thanks for sharing beautiful post for the best type of site that looks very impressive. http://www.bathroomrenovationscanberraact.com.au/

    ReplyDelete
  5. I really appreciated the best type of article, sharing best information knowing all about college students that makes me feel proud. https://www.topbathroomrenovationsmelbourne.com.au/

    ReplyDelete
  6. Copy and paste cool symbols from piliapp symbol to level up your gaming and social profiles' style! Great for Instagram, Twitter, and Discord bios.

    ReplyDelete
  7. Less Than or Equal to: This sign generally used at the places where we have to specify the quantity. It means that the value should equal either to the given value or less than the given value. The less than or less than the symbol used is \leq. For example, A jug can hold up to 4 cups of water. This means that jug can hold 4 cups of water or it could be less than 4 cups. In mathematical form, we can write it as capacity \leq 4. more info: lessthansymbol.com

    ReplyDelete
  8. Moon And Star Symbol. 10. Star Outline Emoji. 11. Star In Circle. 12. Snapchat Verified star copy and paste. 13. Star Bullet Point. Press and hold the ALT key and type the number 9733 or 9734 to make star symbol. Use unicode star symbols in a html document or copy paste the character. Press and hold the ALT key and type the number 9733 or 9734 to make star symbol. Use unicode star symbols in a html document or copy paste the character.

    ReplyDelete
  9. We Are All Peasants Now is a comprehensive book by a team of social scientists that explores the impact of student loan debt on society. The book defines student loan debt, which is a significant issue in the US, with over 43 million Americans owing over $1.6 trillion. The book highlights the negative impacts of student loan debt, including financial hardship, mental health issues, and social mobility issues. To address the crisis, the authors propose several steps, including making college more affordable, forgiving student loan debt, and creating more good-paying jobs. The book is well-written, easy to follow, and includes case studies to illustrate the real-world impact of student loan debt. The authors call for urgent action to address the crisis, highlighting its threat to the American economy and social mobility. We Are All Peasants Now is recommended for anyone interested in higher education policy, economic inequality, or social justice. virginia statute of limitations personal injury minor

    ReplyDelete
  10. I am very glad to read your blog, its very informative and useful in our lives very appreciated Halloween Items

    ReplyDelete
  11. Arizona Phoenix Gilbert wedding videographer

    ReplyDelete