Obama Administration Argues Student Debt is Good for the Economy
Nothing to see here, folks. Just another Orwellian proclamation by the Obama administration.
The Daily Caller reports.
Obama Admin: $1.3 Trillion In Student Debt Is Good For The Economy!
The Obama administration has released a new report arguing the massive $1.3 trillion student debt load is helping the economy.
“Investing in Higher Education: Benefits, Challenges, and the State of Student Debt” is the work of the White House Council of Economic Advisers (CEA). The 78-page report argues that, despite the widespread belief student loans are dragging down young U.S. workers, the surge in debt has actually been a boon for the United States.
“Federal student loan programs help expand access to high-quality education, which has long-lasting benefits to individuals as well as the overall macroeconomy through higher labor productivity and faster GDP growth,” the report says.
Student debt has nearly doubled during President Barack Obama’s tenure, surpassing credit card debt as the second-largest source of debt in the U.S., behind home mortgages. Polls and other measures of economic activity indicate that many millennials have delayed marrying, buying a home, or starting a family because of their student loan burdens.
Such analyses have it all wrong, the new report says. In fact, people with student debt are far better off than those going without it, and on balance the debt is boosting the American economy.
“Additional student debt, as an investment in education, is associated with additional income, putting many households in a better position to buy homes or start businesses,” it says. “By age 26, households with student debt are more likely to buy a house than those that did not attend college. By age 34, college attendees with and without student debt are equally likely to buy a home, and both much more likely than those without a college education.”
Obama Admin: $1.3 Trillion In Student Debt Is Good For The Economy! (The Daily Caller)
Comments
What total garbage. Has he noticed the number of college grads who have no jobs, no way to pay back loans and not being able to contribute to the workforce? He’s so full of nonsense. No wonder he took so long to pay his own loan back,almost went bankrupt and had to have some creative financing to afford his Chicago home.
What an idiot? All you people who think that obobo the clown is really smart should think twice.
It all depends on what you go in debt to acquire. For example a home mortgage has a history of conserving or increasing personal wealth. On the other hand debt to purchase an luxury automobile for daily transportation is a poor vehicle (pun intended) for conserving or increasing personal wealth.
Debt for education as a Java programmer or Electrical Engineer will give a student an excellent opportunity to grow with job opportunities. However a foray into gender studies or feminist dance therapy will probably doom the buyer to poor paying job opportunities with a long period of hardship.
However a foray into gender studies or feminist dance therapy will probably doom the buyer to poor paying job opportunities with a long period of hardship.
But, but, but, McDonalds….$15 an hour!