Government even encourages students to borrow money to spend five or six years in college because, unprepared for college-level studies, they must take remedial courses to learn what they should have been taught in high school. Student loans now total $1 trillion, and the average student owes $25,000. The government reports that the unemployment rate for Americans under age 25 was 15.6 percent in August, which is more than 2-1/2 times the rate for those over age 25. The real figure is over 20 percent if we count the thousands of jobless who are not in official figures because they conceal their unemployment by taking more useless college courses or just not looking for a job.
The failure to get a job that justifies their college debt means their lives are on hold. The entire generation is postponing moving out of their parents' homes, getting married and having children, and are even having a hard time buying a car.
As Northeastern University economist Andrew Sum pointed out, it's not just the kids who lose. It's all of us because "they don't pay taxes, they stay at home, they don't get married."
Listen to the radio commentary here: