The repercussions from the few siphoning away money from the majority of United States citizens begins to hit home with the young population as they enter college and then graduate. Fresh out of the domestic womb, we load up our young people with thousands of dollars in debt via college loans. The offspring of the few that have successfully siphoned away chunks of the community pie have little to worry about since their parents can afford ivy league costs. And connections will be available upon graduation for that six figure job on Wall Street or in the venture capital world, but the story is quite different for the vast majority. Our young people graduate with over twenty grand in debt and then have to find a job on their own. Good luck.
Worse yet, college tuition is skyrocketing and interest rates on student loans are rising. The cost of college is outpacing working parent’s stagnant wages. State governments can’t afford to subsidize public undergraduate education so the cost burden is shifted to the parents and students. Federal student loan interest rates are expected to rise from 3.4% to 6.8% — the Federal Government certainly can’t lend our young people money at low rates any longer since they have gone to the well far too often in the last decade. So there you have it young people and future of America. Welcome to the real world. I hope you enjoyed your youth. If you want to live the middle class dream, get used to the idea of loading up on debt to get a thin slice of stale pie, with interest due upon consumption.