Tuesday, May 15, 2012
Student Loan Bubble About to BURST!!
Last Sunday's New York Times (selling at a whopping $5.00 in 2012 when it was $2.00 in 1997) ran a story about student loan debt (see below) in which it reveals that total student debt is $1,000,000,000,000 (That's 12 ZEROS).
According to the Times public spending on college education is at a 25 year LOW, forcing young students to borrow and causing a generation of debt slaves to exist far into the future, holding a piece of paper that says "degree" on it, but with a job that is completely divorced from the content of that degree.
College education costs at the undergraduate level have ballooned with the North East of the US the most indebted (see map)
Like all bubbles pumped to the maximum the natural law is BURST. Click on the picture on the FRONT PAGE of the blog and view the trailer to a DOCUMENTARY on the student loan CRISIS.
Here are a few facts about the college education treadmill and the graduates coming out in 2012:
#1. Worthless pieces of paper for jobs that don't exist;
#2. Massive expectations and entitled attitude upon graduation;
#3. Under trained and unwilling to work hard due to a sense of superiority;
#4. Running back to live with Mom and Dad because of debt;
#5. Long term college debt slaves well into 2020.