Monday, October 24, 2011

One Trillion Education Bubble Gets No Help From Obama/Boehner

Washington political leaders on both sides of the isle are hard at work flushing this country down the toilet! In 2006, John Boehner(R), current House Speaker, wrote legislation that deregulated on-line education, ballooning the education debt and defaults from these 'shady', for-profit, institutions that lure the desperate and gullible (here). This year President Obama did a major 180 degree 'cave' on his campaign promise to clean-up this gross misuse of government-guaranteed loans (here). So, I guess we know what these dudes talk about while pretending to play golf. "Whose turn is it to screw the voters/taxpayers?"

The backdrop to these D.C. dealings is the one trillion, that's TRILLION!, in accumulated student debt that the US is closing in on, including a record $100 billion this year alone. Like the housing bubble, it is only a matter of time before the education bubble explodes. The federal government will ultimately curtail these bad government-backed loans made to people pursuing worthless degrees, at over-priced for-profit AND traditional universities and colleges. When this happens, in the not too distant future, young people will truly come to know what some of us already know, they have been screwed by their elders. There is no longer the pot-of-gold at the end of the education rainbow - just inescapable debt shackles and limited job opportunities.

So children, sorry to be the bearer of bad news, but you should beware (or be aware)! You are not in Kansas anymore (unless of course you actually live in Kansas, then technically you are, but not really, because Dorothy and Toto are dead - got it?).

James C. Collier


Technorati Tags: , , , , ,


Jim-Jim said...

Most people would be better off taking courses with the "Draw Bambi" correspondence art school than they would be going to the average U.S. college.

Anonymous said...

Part of choosing a career should be choosing one that makes you a decent income. If you spend big bucks on some yoyo degree where there is, one no demand, two poor pay, you are three pretty dumb.

Another bail out of people that put themselves in big debt without considering how to pay it back?