Privately held student loan debt surpassed 1 trillion dollars last November. More money is owed in student loans than in privately held credit card debt. This past year, bank write-offs of student loans are up almost 35% from the previous year. Almost every single market signal indicates a growing student loan bubble is on the verge of popping. Many economists agree the student situation is very similar to the 2008 housing crisis; the student loan industry is still receiving massive subsidies and false incentives by the federal government. In order to fully understand the student loan crisis we must first look...
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This reminds me of Lyndon Johnson's 'war on poverty...great society' in the late sixties when he pumped billions of dollars in the urban poor communities with the intent of eliminating poverty. Those people gobbled up that 'free money' and they partied, they bought drugs, alcohol, new cloths, cars, gambled and went on vacation. When anyone even mentioned paying that money back, they laughed. However, Johnson did accomplish his goal. They have been voting Democrat every since. Giving away other peoples money works every time it has been tried.
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