The ad closer up:
For background on why the government needs student debt slaves, please see Student loan suckers: the last poor schlubs propping up the U.S. Ponzi.
[W]hat keeps consumption going? Debt, euphemistically known as "consumer credit." The great GDP and stock market boom of the last thirty years was driven by consumption growth. And that consumption was not just in line with personal income growth, but turbo-charged by rising indebtedness [...]
Working folk are tapped out, don't want more debt, and in many cases wouldn't qualify for more debt if they did want it. Who to sucker into taking on debt? Young people who don't know any better, of course. Just as young families were suckered into taking on unsustainable housing debt a few years ago because "home ownership is the key to the American dream," now the next generation is being suckered into taking on unsustainable student debt because "education is the key to the American dream." Well, taking on $100,000 of debt for a four-year liberal arts degree will turn out about as well as buying that tract home in the Inland Empire at 10x median income. Even worse: you can walk away from a tract home, but you can't walk away from student debt.
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