Dear Dirty America


Student Debt Bubble

September 27
07:21 2011

From Truth Dig:

In the aftermath of the stock market failure of 2008, another type of economic bubble is swelling: student debt. And it’s no surprise, since Congress has done nothing to change the lending practices that brought the U.S. to the brink three years ago.

The social statistics on the debt are appearing in financial journals and in the work being published by economic research groups. According to Rep. Hansen Clarke, D-Mich., in 2010, “the average borrower graduating from a four-year college left school with roughly $24,000 of student debt, despite the grim statistic that—according to a Rutgers University study—only 56 percent of 2010 graduates were able to find work following completion of their studies.” In July, credit rating firm Moody’s Analytics warned that student debt could lead to the next financial crisis.

Only 56 percent of 2010 graduates were able to find work when they completed college. That’s a downright frightening statistic for the United States of America. Every year, all of those graduates pour out of colleges and into the job market, only to find the market has closed up and disappeared.

It’s no wonder people are frustrated.

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