Originally Posted by Amnorix
This isn't about a bubble bursting, this is about an economic model (colleges) that isn't sustainable in the long run. There is a highly dysfunctional system involving kids with too much debt, the federal government taking on too much risk, and colleges that think that 8% increases in tuition fees EVERY YEAR is perfectly reasonable regardless of what the economy is doing.
Combine that with EVERY middle and upper income family thinking that a college degree is ABSOLUTELY required, and you have a recipe for disaster, probably at taxpayer's expense ultimately.
We need to wean our society off the notion that EVERYONE should get a college degree, and EVERYONE should own a house, and the taxpayer should underwrite all of it. All we do is screw up the economics around those sectors and then have the inevitable breakdown down the road.
100% agree. It's almost like there is a machine that pushes for everyone to get into debt up to their assess to they HAVE to work; and have to be forced to take low paying jobs because the companies hold all the cards based on unemployment rate.
Life is 99% inspiration, 1% Perspiration, and 1% Attention to Detial.