Wednesday, July 28, 2010

Generation Y: No Jobs, lots of loans, grim future

Gen Y: No jobs, lots of loans, grim future
The Millennials are the first generation of American workers since World War II who have cloudier prospects than the generations that preceded them.

Part of the tragedy here is that a student attending a public, state-funded university can rack up $100,000 on non-dischargeable debt to earn a bachelors and masters degree.  As voters we need to support our state institutions of higher learning and vote to subsidize the cost of higher education. We need to view investment in public universities as investments that will generate a return for the state in the long-run.  Under the current system universities must continually raise tuition in order to stay afloat.  Raising tuition results in students taking out more and more loans that are guaranteed by the government and cannot be discharged in bankruptcy.  And guess who benefits from all of this?  The banks making the student loans.  They face no risk since the loans are government guaranteed.  It is in their interest to see the cost of tuition continue to rise, and their lobbying and support of GOP state candidates serves that interest while continuing to shift cost to students.

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