Posted on September 1, 2013 in
Articles
The Article: Start funding college like high school by David Sirota in Salon.
The Text: Whether or not President Obama’s speech today is in direct response to Rolling Stone reporter Matt Taibbi’s eye-opening must-read on the college loan crisis, it is great news that the White House is evidently now taking the crisis more seriously. The credit bubble in college loans has ballooned into a systemic threat to the nation’s economy. Additionally, as Taibbi documents, economic and political trends are now converging to force an entire generation into a truly no-win situation: either don’t get a post-secondary education and severely harm your ability to get a job in an already weak economy, or get a post-secondary education and condemn yourself to a lifetime paying off debt that you may never be able to pay off because the economy is so weak and your job prospects are still not guaranteed.
The economic trend that is fueling this perfect storm is about job credentials. Peruse employment data and you’ll see that the New York Times was right when it declared that “the college degree is becoming the new high school diploma: the new minimum requirement, albeit an expensive one, for getting even the lowest-level job.” Though the Times notes that the weak economy means the job outlook for college grads “is rather bleak,” it is even more bleak if you don’t have a post-secondary degree.
So, in terms of job-market competitiveness, some form of higher education is now increasingly as necessary as high school education. Yet, that’s the thing: in its financing models, America isn’t treating it as such. Just consider the critical distinction between how high school and college education are funded.
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