Student Debt and the Crushing of the American Dream
I have waxed on the subject of student loans a number of times (see here, here, here and here for just a few examples). When the student loan bubble collapses you will see all sorts of headlines about how this catastrophe was impossible to predict, it is a ‘black swan‘ event, etc., well send any believers here when that happens, please. Not that it will do any good, I am sure, humans are amazingly capable of ignoring the obvious that stands in their way; no doubt all us predictors will be totally ignored as well.
Our society is really dysfunctional with regard to education, of that there is no doubt. Much like our health care, we spend (as a society) way more per capita than any other society, yet we get less in return. Just like the military industrial complex, health care and education represent massive transfers from tax payers to wealthy individuals. Since those very same individuals control our government (through their huge donations to political funds), there is about zip chance of changing anything.
OK, now I will try to climb off my soap box…