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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