Financing Education in America: Debt, Greed, Mediocrity

Discussion in 'Americas' started by pmaitra, Jun 11, 2015.

  1. pmaitra

    pmaitra Moderator Moderator

    Mar 10, 2009
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    EST, USA
    Financing Education in America: Debt, Greed, Mediocrity

    I decided to open this thread after reading another thread entitled “Indian Workers on H-1B replace Americans at Disney,” which although not necessary, might explain what led to this thread.

    Here is a video entitled “100 students refuse to pay their loans,” that explains why some students are unwilling to pay off their student loans. Prima facie, this appears to be lack of responsibility on part of the debtors. However, does this absolve the creditors for giving out loans for trades and degrees that might not result in careers lucrative enough to enable the debtor to pay off the debt? If that is not enough, this article entitled “Dirty tricks of the student loan industry,” explains the wickedness with which creditors act.

    Lee Siegel argues that it is appropriate to deliberately default on student loans, in this article entitled “Why I Defaulted on My Student Loans.”

    Should we make cost of education in each field proportional to the amount of revenue jobs in that field generate? Should we also make the salaries of professors in such fields proportional to the usefulness of their vocations in society?

    Rhetorically speaking, looking at Ben Bernanke's fumbling handing of the Federal Reserve, the entire School of Economics in Harvard should take a major pay cut.

    What is the solution to this problem? How can education be reformed? How can financing of education be reformed? Is socialist policies of free or cheap education (be in Russia, Germany, France, India, PRC, at varying degrees) the correct answer? It is beyond obvious (which many will see but refuse to acknowledge), that the capitalism and usury based US system has been a spectacular disaster.

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