If America in some way managed to educate millions of college students without straining them with $2 trillion in debt in 1993, why is it now “impossible” to do so, even as America’s wealth and gross national product (GDP) have both soared greater over the previous 27 years?
Predators grow on Americans’ brief memories. Student loans in their present scale did not exist prior to 1994. According to the Federal Reserve FRED database, the trainee loan balance was absolutely no in 1993.
From no in 1993 to $1.728 trillion in 2021: this is the predatory financialization of higher education which has actually improved lenders, Wall Street and the Higher Education Cartel. As I have actually kept in mind before, such parasitic rapaciousness would have been criminal a couple of generations ago; now it’s cheered as a dependable source of earnings by Wall Street and treated as company as normal by the corporate-owned media.
If America in some way handled to educate countless college students without burdening them with $2 trillion in financial obligation in 1993, why is it now “difficult” to do so, even as America’s wealth and gross national item (GDP) have both rocketed greater over the past 27 years?
America is now a moral cesspool, and trainee loans prove it. Keep in mind that the $1.728 trillion isn’t the entire load of financial obligation squashing trainees; that’s only the securitized student loans. Wily sharpsters have actually found all sorts of private-debt niches which they offer as “student loans” but which are really consumer loans. Then there’s the charge card debt from card issuers providing students “student-only cards.” Include all of it up and the overall likely goes beyond $2 trillion.
Monopolies, cartels, profiteers and experts always have a raft of reasons and justifications for their exploitation of the helpless, and all those benefiting from the $2 trillion have the normal excuses plus an unique set of noble-sounding academic justifications.
Journalist Matt Taibbi lays waste to one piece of the trainee loan racket in The Trillion-Dollar Lie (courtesy of reporter Joel W.), the legal foundation of the entire parasitic rip-off: “trainees can’t leave student loans in bankruptcy court.” But suppose the legal building were to acknowledge that universities are not “non-profits” however are instead a racketeering cartel?
While crying poor, universities have actually pursued a building boom of prize structures without precedent and piled up slush funds with numerous millions of dollars drawn out from student debt-serfs. If this does not make your blood boil, then you must be swimming laps in America’s ethical cesspool, applauding the rank stink as “the odor of money.”
It does not need to be by doing this. Method back in 2012 I set out a way to provide 4-year university degrees for 10% of the current cost (minus living expenses, which accumulate whether you’re a student or not) in my book The Almost Free University. There are designs which would produce better academic outcomes at a portion of the present bloated cost.
To all those swimming laps in America’s moral cesspool, a couple of words of warning:
1. America has lacked powerless individuals who can be exploited and become debt-serfs.
2. The pendulum of exploitation, racketeering and greed that’s been pushed to near-infinity will swing to the other extreme. The banquet of repercussions will soon be served, and the doors to the banquet hall will be locked. The courses in karma and Divine Retribution will be especially informing.
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