The “99 percent” complain they’ve “played by the rules,” then learned the game was rigged. Salon writes:
For the young, higher education was said to be a ticket to class mobility, or at least a secure career. Instead, middle-class students have taken on billions of dollars of inescapable debt during a prolonged jobs crisis. Lower-income students are blatantly ripped off by usurious scam artists working for educationally dubious for-profit schools. Even those seeking to join the professional class, through medical school or law school, find themselves with mountains of debt and dwindling job prospects. The rapidly rising cost of higher education pushes bright students into lucrative but socially destructive fields, like finance. […]
“Cradle-to-grave employment (at least outside the public sector) has been dead since at least the end of the Cold War,” Welch responds. English, Film, Sociology, Philosophy and similar degrees “have had debatable workplace utility” for a generation or more.
Adult human beings have agency, the ability (even responsibility!) to run their own cost/benefit analyses and choose accordingly. You could go to a state school (or community college) instead of an over-inflated prestige mill. You could pay for a 10-year-old car in cash, instead of a new one on installments. . . . offloading 100% of the blame for your own mountain of debt on a group of Greedy McBanksters who “forced” you to “play by the rules” is more than a little pathetic.
“A ‘debt jubilee’ will not be a party, unless your idea of a wild time is to eliminate consumer credit as we know it,” adds Welch. No repayment? No new loans.
A “free” (completely taxpayer-funded) higher education system is likely to be much smaller. The taxpayers will be willing to fund bright students to train as engineers or nurses, I suspect, but balk at funding students interested in English, Film, Sociology, Philosophy or (see Florida) Anthropology.