Politicians and liberals love pushing a college education. After all, who is not for furthering their education. This mantra has been to go to college so you can get a good job. However, the reality of times is challenging that assertion. Youth unemployment is high, ebusiness growth and investments are stagnant, and college costs are at an all time high and getting higher. These factors mean that college is no longer being viewed as a viable option by some.
At the same time the problem is getting worse. The national aggregate student loan debt is now over $1 trillion. That is more than credit card debt and more than even mortgage debt. The debt get's worse every month as $40-$50 billion gets added to student loan debt every month. Zero Hedge points out that the Unemployment rate for 18-24 year olds is a staggering 46%.
And it's not like that student loan debt is goign to get cleared up anytime soon. Over 25% of student loan debts are over 30 days delinquent. Plus, it is debt that cannot get cleared up. Even bankruptcy does not free a person from having to still owe the student loand debt. Some people even carry credit card debt upto their old age as over $35 billion dollars in student loan debts are carried by people over the age of 60.
So what will happen next? Don't expect colleges to work on reducing costs. Not when the Federal and state governements continue to subsidies the costs of college education to many through grants and loans. What will probably happen is some kind of bailout by the Federal Government - at tax payers expense of course.