White House Claims That Student Debt Is Good for the Economy

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These days, student loan debt is probably one the most controversial and maligned issues in America. Pretty much everyone agrees that these debts are overwhelming young people, and preventing them from starting productive lives. That is, everyone except The Council of Economic Advisors, a research group that works for the White House.

The organization recently released a paper which argued that these student loans are actually beneficial to the economy. “Federal student loan programs help expand access to high-quality education, which has long-lasting benefits to individuals as well as the overall macroeconomy through higher labor productivity and faster GDP growth.” The report goes on to claim that the Fed’s student loan program has helped build skills among workers, earning them more money and driving growth.

In reality, unless you earn a degree in a field that society needs, like say science, medicine, or engineering, you’re probably not going to earn enough money to justify your student loan. Most college grads don’t even work in the field that they studied for, and the idea that a college degree will magically net you an extra $1 million over the course of your life, is a total myth.

What’s really going on, is the Federal student loan program is saddling students with debts that can’t be defaulted on, in order to pay for degrees that won’t earn them any money. That’s why millennials are putting off starting families, starting businesses, buying homes, and getting married. These debts are so high that it’s not uncommon for parents over the age of 40 to still owe money, and have children who are also brimming with student loan debt. We have an entire lost generation on our hands because of student loans.

And yet, the Council of Economic Advisors concluded their report by saying “College remains an excellent investment overall, and the majority of dollars in the student loan market continue to fund investments with large returns to student borrowers and the economy.”

Surprised? Don’t be. This is what happens when the scammers conduct a study on their own scam.

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Contributed by Joshua Krause of The Daily Sheeple.

Joshua Krause is a reporter, writer and researcher at The Daily Sheeple. He was born and raised in the Bay Area and is a freelance writer and author. You can follow Joshua’s reports at Facebook or on his personal Twitter. Joshua’s website is Strange Danger .

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  • Czajk

    Good for control…

  • Americaislost

    That is like telling some loser more credit card debt will lead them to financial freedom. What would you expect from the left, they are baby murderers, sodomite lovers, sexually perverted and void of cognitive thinking.

    • Frank Energy

      This is not about the left. Wake up

      • ReverendDraco✓ᵛᵉʳᶦᶠᶦᵉᵈ ᵃᶜᶜᵒᵘᶰᵗ

        Anyone who uses the word “sodomite” is unwakeable. The anti-intellectual armour surrounding their unused gray matter prevents waking.

      • ReverendDraco✓ᵛᵉʳᶦᶠᶦᵉᵈ ᵃᶜᶜᵒᵘᶰᵗ

        Anyone who uses the word “sodomite” is unwakeable. The anti-intellectual armour surrounding their unused gray matter prevents waking.

  • Chesty Puller

    Search “Cloward-Piven”. The American Thinker link is excellent, short and concise. That’s what this is, Alinski tactics, and KILLary knows them well, too.

  • Chesty Puller

    Free college KILLary says for votes.
    Sure, then the kids that are actually motivated, bright enough to PASS their courses, show up to class, aren’t there as a pathway to more freebies if a minority, etc etc won’t get a seat.
    This is more INCOME REDISTRIBUTION, as is the climate tripe and Obamacare.

  • Eric

    It’s been great for making slaves of countless who were sold a bill of goods that were convinced that they had to do this.

    • Jessica Chandler

      <<o. ✤✤✤✤✤✤✤✤✤✤✤✤✤✤✤✤✤✤✤✤✤✤✤✤✤✤✤✤✤✤✤✤✤✤✤✤✤✤✤✤✤✤✤✤✤✤✤✤✤✤✤:::::::!bc443p:….,

  • ExecutorOffice

    Force the pretend gov’t to validate the pretend debt. They just shift numbers around and demand your labor.

    For those of you having IRS issues:
    I know someone who wishes to remain anonymous but wants his story out. I can
    attest to the hassles he went through with the IRS and know that it has been a
    long time since he has had to deal with them. Over a few years he has
    accumulated an enormous amount of documentation and had repeated
    communications with the IRS. They eventually dragged him into UNITED
    STATES DISTRICT COURT and during the trial he changed his direction and
    used Title 15 instead of Title 26 and the Constitution. The case eventually
    stopped.
    His new contention was simple and in some ways similar to my charge concept,
    it is all about the bill not the law. Title 15 relates to “verified assessment”, in other
    words the collector must provide proof to validate the debt and any case
    involving debt must be held in the judicial district court. The concept is that the
    evil ones have circumvented the Constitution and use their law, Title 26, as a
    way to confuse their victims. Tax law does not apply since the IRS is strictly a
    debt collection agency; thusly they are required to follow Title 15. The IRS has no
    way to verify the debt even if they can verify taxes. W-2’s and 1099’s are only
    evidence that some one has paid something, not that someone owes something.
    After reading all of Title 15 Chapter 41 Sub V section 1692 I can see his point
    is valid. Knowing that IRS is by corporate charter and their own admission a debt
    collection agency this all seems to make sense. I have started using this
    information in my own situation and will keep the group informed on the situation.
    This man told me he sent one letter, received a very uninformative denial
    response and sent a response to that response. This was done during his trial.
    He has not heard anything since, which was over a year ago. His case was
    terminated with no decision. I looked it up and the court just says CLOSED AND
    SEALED. I have not seen a case terminated this way.
    Conclusion: Once again it seems the evil one’s primary strategy is to get us to
    fight the wrong battle. Although Title 26 is the Internal Revenue Code, the IRS is
    just a collection agency and thereby is required to follow Title 15. If we don’t force
    them to verify the debt then we are agreeing the “bill” is valid. This, to me, is no
    different than the court tricking us into fighting an accusation when we should be
    fighting a charge.
    TITLE 15 > CHAPTER 41 > SUBCHAPTER V > § 1692

  • John Henry Bicycle Lucas

    Like all the other bubbles, this one will also go bust.

  • MarkovDeBeeste

    To understand this line of “thinking” look up “broken window fallacy” of how to stimulate an economy. Reminds me of the scammers with infomercials on how to become a “credit card millionaire.”

  • Mike

    Yea because having so much debt you can’t afford anything without taking out more loans or putting more on credit cards. The white house is full of fools.

  • Frank

    The premise of assisting students with financial options for a higher education is good, but the debt enslavement that the system has become – is actually destructive on the economy. People who can’t move forward because of dead, worthless debt are a drain on the economy. The college graduates who are saddled with debt for an education in under-demand professions can’t afford to buy houses, cars, etc. and many are back living with their parents. How is this good for the economy?

  • Frank Energy

    Punish treason