1. The nation’s total student debt load is growing by $2,853 per second.

    America’s student debt crisis

    (Source: theweek.com)

     


  2. The total amount of U.S. student debt has now reached the landmark of $1 trillion, surpassing the total credit card debt in the country. Even worse, unlike credit card debt or home mortgages, student debt cannot be forgiven in bankruptcy, so it follows us like a shadow throughout life. President Obama is right to push for lower interest rates for student loans, and his new proposal for universities not to raise tuition any further — though not nearly enough to change the fundamental picture — would certainly move the country in the right direction. Ultimately, we must make tuition costs completely tax deductible for the middle class rather than give tax cuts to the wealthy. Otherwise, a nation that mortgages the future of its younger generation to private companies, and molds their minds by the laws of the marketplace, is sitting on a dangerous bubble.