By Ted Rall
The Fleecing of Our Young
Eliminating the debt racket wouldn’t be difficult. Calling off the invasion of Iraq, for instance, would save an estimated $200 billion—that’s six years of fiscally emancipated youth right there. Eliminating last year’s $1.5 trillion tax cut–money that would have gone to rich people who won’t miss it–would pay off everyone’s student loans for the next 50 years.
I’m for that. Still, read the whole article, it’s worth it. It’s a powerful piece but, missing some points. It doesn’t even take into consideration the debt incurred from credit cards and other avenues of credit one accumulates while in college, sometimes just to buy books and pay rent and heat bills. Additionally, I would doubt that a college degree is of the same value of a high school diploma was in 1955. Finally, as difficult as it has been for us to pay ours here at paxtonland, I still view them as an investment. Esp. if his figures are right and we can expect to earn at least $1mil a piece in our lifetimes over and above non-grads.