To this...
Says Cory Doctorow at Boing Boing
Reclamations, a journal published by University of California students, has published a special, timely pamphlet called "Generation of Debt," on the trap of student debt in America. Young people in America are bombarded with the message that they won't find meaningful employment without a degree (and sometimes a graduate degree).
Meanwhile, universities have increased their fees to astronomical levels, far ahead of inflation, and lenders (including the universities themselves) offer easy credit to students as a means of paying these sums (for all the money they're charging, universities are also slashing wages for their staff, mostly by sticking grad students and desperate "adjuncts" into positions that used to pay professorial wages; naturally, the austerity doesn't extend to the CEO-class administrators, who draw CEO-grade pay).
The loans are backed by the government, and constitute a special form of debt that can't be discharged in bankruptcy, and that can be doubled, tripled, or increased tenfold through usury penalties for missed payments (the lenders themselves have a deplorable habit of applying these penalties even when payments are made, through "bureaucratic error" that is nearly impossible to correct).
These debts are turned into securities, and represent the backbone of yet another subprime bubble in America, one that is due to explode soon, as more and more Americans find themselves drowning in student debt and faced with the prospect of having their wages garnished all the way through to social security.
"Generation of Debt" consists of five essays on the trap of student debt, analyzing the causes of the problem, marking out the beneficiaries of this bubble, and suggesting ways to break free of it.
Reclamations LINK HERE
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