Student Loan Debt CRUSHING Millennials, And The Economy


THE WALL STREET JOURNAL IS
REPORTING THAT FOR THE FIRST TIME MORE THAN HALF OF THE
STATES IN THE US ARE REQUIRING STUDENTS TO PAY MORE INTUITION
FOR STATE SCHOOLS AND UNIVERSITIES COMPARED TO
WHAT THE GOVERNMENT IS CONTRIBUTING TO THEIR TUITION. THESE AGAIN ARE
GOVERNMENT-FUNDED, THEY ARE NOT PRIVATE SCHOOLS. HOWEVER HISTORICALLY THE
GOVERNMENT HAS STEPPED IN AND PROVIDED ENOUGH FUNDING SO
THEIR PORTION OF THE TUITION ACTUALLY OUTWEIGHS WHAT THE
STUDENTS PAY FOR THEIR TUITION. FOR THE FIRST TIME STUDENTS ARE
PAYING MORE INTUITION TO ATTEND THE SCHOOLS COMPARED TO WHAT THE
GOVERNMENT IS CONTRIBUTING. WHAT THEY FOUND WAS THAT ALL OF
THESE STATES ARE USING THE FUNDING IN ORDER TO PAY FOR
THEIR STATE MEDICAID PROGRAMS AND ALSO FOR STATE EMPLOYEES
RETIREMENT AND HEALTH CARE SERVICES. BUT THEY HAVE NOT INCREASED
TAXES TO ACCOUNT FOR ALL OF THESE THINGS. THE LAWMAKERS REFUSED TO PAY THE
TAXES OR RAISE THE TAXES AND GUESS WHAT HAPPENED? WE HAVE THE
EMERGENCE OF REGRESSIVE TAXES AND IN THIS CASE TUITION SERVED
AS A REGRESSIVE TAX. TO GIVE YOU AN EXAMPLE OF HOW
MUCH THIS IS IMPACTING STUDENTS, WE ARE TALKING ABOUT
AVERAGES HERE. THE AVERAGE TUITION FOR A
FOUR-YEAR PUBLIC COLLEGE OR UNIVERSITY WAS ABOUT $6572 AND
2017, UP FROM 4784 IN 2008. SOME MIGHT THINK IT’S NOT A BIG
DEAL BUT THINK ABOUT IT, THESE ARE PUBLIC COLLEGES AND
UNIVERSITIES. THESE ARE SUPPOSED TO BE THE
AFFORDABLE OPTION FOR KIDS WHO GREW UP IN UNDERPRIVILEGED
SOCIOECONOMIC STATUS. OR IN GENERAL FAMILIES THAT
HAVE ECONOMIC STRESSES. A LOT OF PEOPLE MOVED TO VARIOUS
STATES BECAUSE THE SYSTEMS THERE IN TERMS OF HIGHER EDUCATION ARE
BETTER THAN THEY MIGHT BE. IT IS A REAL PROBLEM AND THIS
HIGHER EDUCATION AND THE FACT THAT THE COST KEEP ESCALATING,
IT CREATES THE DIVIDE THAT WE ALREADY SEE BETWEEN THE RICH AND
NOT RICH. WE ALL KNOW WHAT WE ARE SAYING. BECKETT WIDER AND WIDER. PUBLIC EDUCATION ñ PRIVATE EDUCATION IS NOT
ACCESSIBLE TO ANY OF US. THE LOANS YOU HAVE TO TAKE OUT
TO GET INTO THE SCHOOLS ARE INSANE. YOU CAN GET INTO IT BUT YOU WILL
GRADUATE WITH A LOT OF DEBT. HERE WHEN IT IS PUBLIC
EDUCATION, UNDERWRITTEN BY THOSE OF US WHO LIVE IN THE STATE
SHOULD BE ACCESSIBLE TO ALL OF US WHO LIVE IN THE STATE. THAT IS A CRISIS. IT IS BECAUSE EDUCATION
ESPECIALLY HIGHER EDUCATION SERVES AS A WAY FOR PEOPLE TO
PULL THEMSELVES OUT OF POVERTY. AND WENT ON THE RIGHT WHO MAKES
THESE ARGUMENTS ABOUT PICKING YOURSELF UP TO THE BOOTSTRAPS ñ
IT IS JUST SUCH A DISINGENUOUS STATEMENT WHEN YOU CONSIDER WHAT
THEY’VE DONE TO AFFORDABLE EDUCATION FOR PEOPLE. PUBLIC SPENDING PER STUDENT
DECLINED 24%. APPROPRIATIONS BEGAN TICKING
BACK UP IN 2012 BUT THE RECOVERY HAS BEEN UNEVEN ACROSS THE
COUNTRY WHICH IS WHY YOU HAVE HALF OF THE STATES NOT
CONTRIBUTING ENOUGH. THEY ARE NOT EVEN CONTRIBUTING
AN EQUAL AMOUNT AS THE STUDENTS. AND 2016 STUDENTS AND 24 STATES
PAID MORE THAN HALF OF THE COST OF THEIR EDUCATION IN
PUBLIC SCHOOLS. IT WAS THROUGH A COMBINATION OF
BUDGET CUTS AND TUITION HIKES. SO WE CAN SEE WHICH STATES
PRIORITIZE THEIR STUDENTS WHEN IT COMES TO THIS ISSUE. STUDENT LOAN DEBT DOESN’T SIMPLY
IMPACT THE LIVES OF THE STUDENTS WHO CARRY THAT DEBT, IT IMPACTS
OUR ECONOMY AS A WHOLE. THESE ARE PEOPLE WHO WORN OUT
TETHERED TO A DEBT THAT THEY CAN NEVER GET RID OF. AND THEY ARE NOT ABLE TO
PARTICIPATE IN THE ECONOMY THE SAME WAY GENERATIONS PRIOR
TO THEM WERE ABLE TO. THEY ARE NOT ABLE TO PURCHASE
HOMES OR DEVELOP THEIR LIVES THE WAY THEIR PARENTS WERE ABLE TO. IT IS SAD TO SEE HAPPEN. I DON’T MEAN TO SOUND LIKE
THE SUPER LIB PERSON HERE, BUT THE PEOPLE WHO BENEFIT FROM
STUDENT LOAN DEBT ARE DONALD TRUMP AND ALL OF HIS
BUDDIES. SORRY FOR SEEING THE PROBLEM IS
DONALD TRUMP, BUT IT IS. THE STUDENT LOAN COMPANIES, THEY
ARE THE ONES WHO ARE BENEFITING AND AS WE HAVE SEEN THEY ARE
INCREASING THEIR ABILITY TO TAX THOSE LOANS, THEY HAVE CHANGED
THE ENTIRE WAY THE STRUCTURE IS WORKING. AND THE WAY THAT THEY CAN GO
AFTER YOU. THEY CAN BE BRUTAL. THOSE STUDENT LOAN COMPANIES,
THEY ARE THE ONES WHO ARE BENEFITING FROM THIS. TO SEE IT HAPPENING WITH PUBLIC
EDUCATION, IT IS HEARTBREAKING BECAUSE IT IS THE WAY MOST OF US
SHOULD BE ABLE TO GET UP PASS INTO HIGHER EDUCATION. IT IS NOT JUST PRIVATE
LENDERS. OBVIOUSLY PRIVATE LENDERS CHARGE
THESE HIGH INTEREST RATES. THE FEDERAL GOVERNMENT ALSO
GIVES OUT THESE STUDENT LOANS WITH LOWER INTEREST RATES, BUT
THE INTEREST RATES ARE HIGHER THAN WHAT THE BANKS
RECEIVED WHEN THEY GOT THAT BAILOUT MONEY. IT IS JUST SOMETHING TO THINK
ABOUT. HE DOESN’T SEEM TO BE THE FUTURE
OF THE COUNTRY. IT SEEMS AS THOUGH ACTIONS ARE
TAKEN OVER AGAIN TO MAKE IT LESS POSSIBLE FOR PEOPLE TO CREATE A
GREAT LIFE FOR THEMSELVES. TO GIVE THEM ACCESS TO
EDUCATION. SHOULDN’T EVERYONE HAVE ACCESS
TO EDUCATION. WE ARE THE RICHEST COUNTRY IN
THE WORLD AND WE CAN’T GET ACCESS TO EDUCATION TO ALL THE
PEOPLE WHO LIVE HERE? IT’S JUST WRONG.

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