Monday, May 01, 2006

Sheepskin and indentured servitude

The issue of college debt based on Bush's deregulation of student loan interest rates is coming home to roost. Here CNN takes a look at the phenomenon;

Student loans - a life sentence
Forget about getting married and buying a home. This generation is thinking about next month's payment.
By Christian Zappone, staff writer
May 1, 2006: 4:25 PM EDT

A growing issue for the economy and society

The cumulative effect of such student debt on graduates is unclear, although few would argue that its impact will be positive for the graduates, the economy or society.

"We've never done this to a generation of young people before," said Dr. Heather Boushey, Senior Economist at the progressive Center for Economic and Policy Research. "We've never put a generation in their 20s in debt they can't get out of before they started their work life."

"The normal approach in any healthy society is to help young married couples get started in life through marital gifts, dowries, and the like," Allan Carlson of the socially-conservative Howard Center for Family, Religion, and Society said.

"We now burden many young adults with student debt, sometimes massive in nature; the price being paid includes marriages delayed or foregone and fewer children. This is foolish public policy."

No comments: