Is student loan debt responsible for the popularity of socialism among Americans under 30?
Tucker Carlson makes the connection in an oped this morning:
If you're wondering why the majority of Americans under 30 say they prefer socialism, debt is a major reason. Student loans are killing them, and they never go away. Thanks to extensive lobbying efforts here in Washington, student loans, unlike other forms of debt, cannot be erased by bankruptcy.
The student loan crisis is a modern problem. Just 13 years ago, the average new college graduate owed $20,000 in student loans. Today, that number has jumped to $37,000. Student debt is rising far faster than the earnings of American workers, the very earnings that are supposed to justify student loans in the first place.
For professional degrees, the number goes far higher than that. The average law school graduate carries more than $110,000 in student loan debt. For new doctors, the burden is nearly $200,000 by the time they finish medical school.
Overall, two million Americans owe more than a $100,000 in student loans. Imagine starting life that far behind. Many of the people paying off college loan debt never even earned a degree. They tried to improve their lives by attending college, and they wound up poorer and in bondage. And not just a few of them — millions and millions of them. What are the effects of this?
Well, the damage is far more profound than anything caused by climate change. Young people are broke. As a result, they're delaying the vital life transitions that were automatic for earlier generations.
Read the entire piece.