Students, Welcome to the Real World of Government Assistance

In the category of “everything is broken or fraudulent” comes this notice from Some Assembly Required:

There is $830 billion in outstanding student loan debt in the US – more,even, than credit card debt. But there are far fewer debtors and they are far less likely to pay their debts (60% is not being actively repaid). There seems little hope that most graduates (or more likely, drop-outs) will be able to repay their loans. Ever. But that’s okay, most of them didn’t need the education anyway – let the banks repossess it.

I am old enough to remember when you could pay all or most of a year’s tuition with a summer job.

Government interventions in the education market have created such wastes in academia for useless and nonsensical programs, majors and spending that costs were driven way up. No matter, just make credit available to all students. That was the same trick that created the housing bubble.

Now we have graduates who cannot get jobs who are desperately over their heads in debt with the only beneficiaries the added government bureacrats and the improved lifestyles of overpaid and underworked academicians.

Another government intervention failed, just like every one before it.  Taxpayers, get ready for this one to come your way as well.

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