The College Admissions Scandal Is A Perfect Example Of How Deeply Corrupt America Has Become

Is there anything left in this country that has not been deeply tainted by corruption? By now you have probably heard that dozens of people have been arrested for participating in a multi-million dollar college admissions scam. Enormous amounts of money were paid out in order to ensure that children from very wealthy families were able to get into top schools such as Yale University, Stanford University, the University of Texas and the University of Southern California. We should certainly be disgusted by these revelations, but we shouldn’t be surprised. Such corruption happens every single day on every single level of society in America. At this point our nation is so far gone that it is shocking when you run into someone that actually still has some integrity.

The “mastermind” behind this college admissions scam was a con man named William Rick Singer. He had been successfully getting the kids of wealthy people into top colleges for years using “side doors”, and he probably thought that he would never get caught.

But he did.

There were four basic methods that Singer used to get children from wealthy families into elite schools. The first two methods involved bribes

Bribing college entrance exam administrators to allow a third party to facilitate cheating on college entrance exams, in some cases by posing as actual students,’ is the first.

Bribing university athletic coaches and administrators to designate applicants as purported athletic recruits – regardless of their athletic abilities, and in some cases, even though they did not play the sport,’ is the second.

Because many of these kids didn’t even play the sports they were being “recruited” for, in some cases Photoshop was used to paste their faces on to the bodies of real athletes

In order to get non-athletic kids admitted to college as athletes, Singer often had to create fake profiles for them. Sometimes this involved fabricating resumes that listed them having played on elite club teams, but to finish the illusion Singer and his team would also use Photoshop to combine photos of the kids with actual athletes in the sport.

A number of college coaches became exceedingly wealthy from taking bribes to “recruit” kids that would never play once they got to school, but now a lot of those same coaches are probably going to prison.

The third and fourth methods that Singer used involved more direct forms of cheating

‘Having a third party take classes in place of the actual students, with the understanding that the grades earned in those classes would be submitted as part of the students’ application,’ is the third.

The fourth was ‘submitting falsified applications for admission to universities … that, among other things, included the fraudulently obtained exam scores and class grades, and often listed fake awards and athletic activities.’

Of course the main thing that the media is focusing on is the fact that some celebrities are among those being charged in this case, and that includes Lori Loughlin from “Full House”

It was important to “Full House” star Lori Loughlin that her kids have “the college experience” that she missed out on, she said back in 2016.

Loughlin, along with “Desperate Housewives” actress Felicity Huffman, is among those charged in a scheme in which parents allegedly bribed college coaches and insiders at testing centers to help get their children into some of the most elite schools in the country, federal prosecutors said Tuesday.

Despite how cynical I have become lately, I never would have guessed that Lori Loughlin was capable of such corruption.

After all, she seems like such a nice lady on television.

But apparently she was extremely determined to make sure that her daughters had “the college experience”, and so Loughlin and her husband shelled out half a million dollars in bribes

Loughlin and Giannulli ‘agreed to pay bribes totaling $500,000 in exchange for having their two daughters designated as recruits to the USC crew team – despite the fact that they did not participate in crew – thereby facilitating their admission to USC,’ according to the documents.

As bad as this scandal is, can we really say that it is much worse than what is going on around the rest of the country every single day?

Of course not.

We are a very sick nation, and we are getting sicker by the day.

William Rick Singer had a good con going, and he should have stopped while he was ahead

William “Rick” Singer said he had the inside scoop on getting into college, and anyone could get in on it with his book, “Getting In: Gaining Admission To Your College of Choice.”

“This book is full of secrets,” he said in Chapter 1 before dispensing advice on personal branding, test-taking and college essays.

But Singer had even bigger secrets, and those would cost up to $1.2 million.

But like most con men, Singer just had to keep pushing the envelope, and in the end it is going to cost him everything.

The ironic thing is that our colleges and universities are pulling an even bigger con. They have convinced all of us that a college education is the key to a bright future, but meanwhile the quality of the “education” that they are providing has deteriorated dramatically. I spent eight years in school getting three degrees, and so I know what I am talking about. For much more on all this, please see my recent article entitled “50 Actual College Course Titles That Prove That America’s Universities Are Training Our College Students To Be Socialists”.

I know that it is not fashionable to talk about “morality” and “values” these days, but the truth is that history has shown us that any nation that is deeply corrupt is not likely to survive for very long.

Our founders understood this, and former president John Adams once stated that our Constitution “was made only for a moral and religious people”

Avarice, ambition, revenge and licentiousness would break the strongest cords of our Constitution, as a whale goes through a net. Our Constitution was made only for a moral and religious people. It is wholly inadequate to the government of any other.

Today, we are neither moral or religious.

What we are is deeply corrupt, and America will not survive if we keep going down this path.

About the author: Michael Snyder is a nationally-syndicated writer, media personality and political activist. He is the author of four books including Get Prepared Now, The Beginning Of The End and Living A Life That Really Matters. His articles are originally published on The Economic Collapse Blog, End Of The American Dream and The Most Important News. From there, his articles are republished on dozens of other prominent websites. If you would like to republish his articles, please feel free to do so. The more people that see this information the better, and we need to wake more people up while there is still time.

12 Statistics That Prove That The U.S. Is Facing A Consumer Debt Apocalypse

In the entire history of the United States, consumers have never been in so much debt. And that would not be a crisis as long as the vast majority of us were regularly making our debt payments, but as you will see below delinquency levels are starting to rise to extremely alarming levels. In fact, some of the numbers that are coming in are even worse than we witnessed at any point during the last recession. If things are this bad already, what are they going to look like once the economy really gets bad? Because even though it appears that we are heading into a new recession, according to the Federal Reserve it has not officially begun yet. That means that much worse is yet to come. Just like last time, millions of Americans will likely lose their jobs, and without an income most of those that suddenly find themselves unemployed will not be able to pay their bills. The stage is set for the largest tsunami of consumer debt defaults that this country has ever seen, and that will absolutely devastate major financial institutions all across America.

If you think that I am exaggerating even a little bit, please read over the following list very carefully. The following are 12 statistics that prove that the U.S. is facing a consumer debt apocalypse…

#1 Total consumer debt in the United States just surpassed the 4 trillion dollar mark. That has never happened before in all of U.S. history.

#2 When you throw in mortgages and all other kinds of individual debt, U.S. consumers are now 13.5 trillion dollars in debt.

#3 A whopping 480 million credit cards are in circulation in this country. That number has shot up by nearly 13 percent since 2015.

#4 U.S. consumers are carrying 870 billion dollars worth of balances on their credit cards right now.

#5 56 percent of Americans that currently have credit card balances have been carrying them for more than a year.

#6 The number of “seriously delinquent”credit card accounts in the U.S. has shot up to 37 million.

#7 Americans now owe a total of 1.3 trillion dollars on their auto loans.

#8 At this moment, more than 7 million Americans are delinquent on their auto loan payments. The figure has already surpassed what we witnessed during the peak of the last recession by about a million.

#9 The total amount of student loan debt in the United States has reached the 1.5 trillion dollar mark. Over the last 10 years, that number has more than doubled.

#10 Right now, more than 166 billion dollars in student loan debt is considered to be “seriously delinquent”.

#11 Millennials are now more than a trillion dollars in debt. No generation of Americans has ever been deeper in debt at this stage in life.

#12 One recent survey found that 78 percent of Americans “are living paycheck to paycheck”. Suffocating debt levels are a big reason why that figure is so incredibly high.

Since so many Americans are living paycheck to paycheck, that means that there is very little room for error. During the last recession, large numbers of Americans immediately began getting behind on their bills once they were laid off, and we saw mortgage defaults rise to unprecedented levels. Sadly, we haven’t learned from our past mistakes, and millions upon millions of Americans will find themselves drowning in an ocean of red ink once again during this next recession.

But even if you are not living paycheck to paycheck, carrying credit card balances is a very unwise thing to do.

Most Americans don’t realize that if you only make the minimum payment on a credit card every month, you can end up paying more in interest than you did for the original purchases. The following comes from USA Today

If a credit-card borrower only made the minimum payments on $5,000 of debt, for example, they’d be in debt for more than 18 years and would end up paying $6,372 in interest based on national average interest rates, according to Ted Rossman, industry analyst for CreditCards.com.

If you keep playing this game, I promise you that you will never get rich. Instead, the only people that will be getting wealthy will be the people that are receiving your debt payments.

Credit card debt is one of my pet peeves. One of the best financial moves that anyone can make is to get out of credit card debt and never look back.

And that is particularly important at this juncture because the economy is really starting to slow down. Compared to last year, U.S. job cut announcements were up 117 percent in February.

We haven’t seen anything like that since the last financial crisis.

At this point, even mainstream economists are openly admitting what is coming. Mark Zandi, the chief economist at Moody’s Analytics, sounded downright gloomy in his most recent article…

The economy is throttling back. Way back. That’s the message in the near stall out of job growth last month. Job creation probably isn’t as bad as February’s disappointing numbers suggest — unusually poor weather played a role in limiting job growth to just 20,000 — but it is weaker than just a few months ago. Businesses are nervous, and sentiment is at risk of breaking if anything goes wrong.

And plenty could go wrong. A recession could materialize swiftly if businesses lose faith, and there is a good chance they will.

And when the next recession strikes, things are going to get very, very rough for U.S. consumers.

A consumer debt apocalypse is coming, and it is going to be incredibly painful.

About the author: Michael Snyder is a nationally-syndicated writer, media personality and political activist. He is the author of four books including Get Prepared Now, The Beginning Of The End and Living A Life That Really Matters. His articles are originally published on The Economic Collapse Blog, End Of The American Dream and The Most Important News. From there, his articles are republished on dozens of other prominent websites. If you would like to republish his articles, please feel free to do so. The more people that see this information the better, and we need to wake more people up while there is still time.

Millennials Are More Than A Trillion Dollars In Debt, And Most Of Them Don’t Even Own A Home

When compared to a similar point in time, Millennials are deeper in debt than any other generation that has come before them. And the biggest reason why they are in so much debt may surprise you. We’ll get to that in a minute, but first let’s talk about the giant mountain of debt that Millennials have accumulated. According to the New York Fed, the total amount of debt that Millennials are carrying has risen by a whopping 22 percent in just the last five years

New findings from the New York Federal Reserve reveal that millennials have now racked up over US$1 trillion of debt.

This troubling amount of debt, an increase of over 22% in just five years, is more than any other generation in history. This situation may leave you wondering how millennials ended up in such a sorry state.

Many young adults are absolutely drowning in debt, but the composition of that debt is quite different when compared to previous generations at a similar point in time.

Mortgage debt and credit card debt levels are far lower for Millennials, but the level of student loan debt is far, far higher

While the debt levels accumulated by millennials eclipse those of the previous generation, Generation X, at a similar point in time, the complexion of the debt is very different.

According to a 2018 report from the St. Louis Federal Reserve Bank, mortgage debt is about 15% lower for millennials and credit card debt among millennials was about two-thirds that of Gen X.

However, student loan debt was over 300% greater.

Over the last 10 years, the total amount of student loan debt in the United States has more than doubled.

It is an absolutely enormous financial problem, and there doesn’t seem to be an easy solution. Some politicians on the left are pledging to make college education “free” in the United States, but they never seem to explain who is going to pay for that.

But what everyone can agree on is that student loan debt levels are wildly out of control. The following statistics come from Forbes

The latest student loan debt statistics for 2019 show how serious the student loan debt crisis has become for borrowers across all demographics and age groups. There are more than 44 million borrowers who collectively owe $1.5 trillion in student loan debt in the U.S. alone. Student loan debt is now the second highest consumer debt category – behind only mortgage debt – and higher than both credit cards and auto loans. Borrowers in the Class of 2017, on average, owe $28,650, according to the Institute for College Access and Success.

What makes all of this even more depressing is the fact that the quality of “higher education” in the U.S. has gone down the toilet in recent years. For much more on this, please see my recent article entitled “50 Actual College Course Titles That Prove That America’s Universities Are Training Our College Students To Be Socialists”.

Our colleges and universities are not adequately preparing our young people for their future careers, but they are burdening them with gigantic financial obligations that will haunt many of them for decades to come.

We have a deeply broken system, and we desperately need a complete and total overhaul of our system of higher education.

Due to the fact that so many of them are swamped by student loan debt, the homeownership rate for Millennials is much, much lower than the homeownership rate for the generations that immediately preceded them. The following comes from CNBC

The homeownership rate for those under 35 was just 36.5 percent in the last quarter of 2018, compared with 61 percent for those aged 35 to 44, and 70 percent for those aged 45 to 54, according to the U.S. Census. The millennial homeownership rate actually dropped in the fourth quarter compared with the third quarter, but was unchanged year over year.

This is one of the big reasons why “Housing Bubble 2” is beginning to burst. There are not enough Millennials buying homes, and it looks like things could be even worse for Generation Z.

If you are a young adult, I would encourage you to limit your exposure to student loan debt as much as possible, because the debt that you accumulate while in school can have very serious long-term implications that you may not even be considering right now.

About the author: Michael Snyder is a nationally-syndicated writer, media personality and political activist. He is the author of four books including Get Prepared Now, The Beginning Of The End and Living A Life That Really Matters. His articles are originally published on The Economic Collapse Blog, End Of The American Dream and The Most Important News. From there, his articles are republished on dozens of other prominent websites. If you would like to republish his articles, please feel free to do so. The more people that see this information the better, and we need to wake more people up while there is still time.

50 Actual College Course Titles That Prove That America’s Universities Are Training Our College Students To Be Socialists

What in the world are they teaching to our young people? As you go through the list of college course titles below, I am sure that many of you will be completely shocked. Most parents assume that they are sending their children to college to get prepared for their future careers, but the truth is that a lot of our major colleges and universities have become little more than indoctrination centers for progressive thought. Our college students are literally being systematically trained to be socialists, and it is working. According to a brand new Harris Poll that was just released, 37.2 percent of all Americans “prefer living in a socialist country”. But for Millennials and Generation Z combined, that figure is 49.6 percent. That means that essentially half of our young adults want to be socialists, and that has enormous implications for the future of our society.

So how did this happen?

Well, the truth is that it really isn’t a mystery. Progressives have a stranglehold on higher education in the United States, and they are training future generations of leaders to think just like them.

Young America’s Foundation has just released their yearly report on the craziest college courses in America, and I pulled some examples out of that report that demonstrate how bad things have gotten.

The following are 50 actual college course titles that prove that America’s universities are literally training our college students to be socialists…

#1 Harvard University: FRSEMR 62O—Who is a Fascist? Culture and Politics on the Radical Right

#2 Princeton University: FRS 139—Marx in the 21st Century

#3 Yale University: AMST 469a—Progressivism: Theory and Practice

#4 University of Alabama: SW 351—Oppression & Social Justice

#5 University of Florida: WST 3349—Ecofeminism

#6 University of Florida: POT 4053—Great Political Thinkers: Machiavelli to Marx

#7 University of Kentucky: SOC 235—Inequalities in Society

#8 University of Missouri: PSYCH 4984—Promoting Social Justice, Diversity, and Inclusion Capstone

#9 Middlebury College: AMST 0269—Beyond Intersectionality: Developing Anti-Racist and Anti-Capitalist Feminisms

#10 Middlebury College: ECON 0405—Economics of Discrimination

#11 University of Minnesota: AFRO 1917—Inequality and the American Dream

#12 University of Minnesota: SOC 3507—Immigration to the United States: Beyond Walls

#13 University of Minnesota: CSCL 3405—Marx for Today

#14 University of Minnesota: CI 5137—Multicultural Gender-Fair Curriculum

#15 University of Iowa: GWSS 1005—Introduction to Social Justice

#16 University of Iowa: GWSS 2045—Working for Social Justice

#17 University of Illinois: GWS 337—Interrogating Masculinities

#18 Indiana University: GNDR-G 330—Looking Like a Feminist: Visual Culture and Critical Theory

#19 University of Maryland: WMST 300—Feminist Reconceptualizations of Knowledge

#20 University of Michigan: WOMENSTD 434—Eco/Queer/Feminist Art Practices

#21 Michigan State University: ANP 859—Gender, Justice, and Environmental Change: Methods and Application

#22 Ohio State University: WGSST 3200—Breaking the Law: An Introduction to Gender Justice

#23 Penn State University: AFAM 147—The Life and Thought of Malcolm X

#24 Purdue University: OLS 45400—Gender And Diversity In Management

#25 University of Wisconsin: HISTORY 346—Trans/Gender in Historical Perspective

#26 University of Wisconsin: GEN&WS 536—Queering Sexuality Education

#27 University of Wisconsin: AFRICAN 233—Global HipHop and Social Justice

#28 Williams College: AFR 342—Racial Capitalism

#29 Williams College: AMST 219—Understanding Social Class

#30 Williams College: ENVI 103—Global Warming and Environmental Change

#31 Amherst College: POSC 407—Contemporary Debates: Gender and Right-Wing Populism

#32 Amherst College: SWAG 351—From Birth to Death: LGBTQ Life Trajectories

#33 Swarthmore College: ENVS 043—Race, Gender, Class and Environment

#34 Swarthmore College: RELG 032—Queering God: Feminist and Queer Theology

#35 Swarthmore College: RELG 033—Queering the Bible

#36 Wellesley College: AMST 281—Rainbow Republic: American Queer Culture from Walt Whitman to Lady Gaga

#37 Wellesley College: SOC 205—Modern Families and Social Inequalities

#38 Carleton College: POSC 275—Black Radical Political Thought

#39 Pomona College: AFRI144A—Black Women Feminism(s) and Social Change

#40 Pomona College: GWS142—Queering Childhood

#41 Claremont McKenna College: GOVT113—Inequality, Politics, and Public Policy: Class, Race, and Gender

#42 Davidson College: SOC 356—Feminization of Poverty

#43 Butler University: RI379—The Problem of God

#44 Creighton University: ANT 178—Global Citizenship

#45 DePaul University: LGQ 338—Sexual Justice: Lesbians, Gays and the Law

#46 Georgetown University: WGST 250—The Breast: Image, Myth, Legend

#47 Providence College: SOC 418—Globalization and Social Justice

#48 St. John’s University: SOC 1170—Inequality; Race, Class and Gender

#49 University of Pennsylvania: RELS 110—American Jesus

#50 University of Pennsylvania: URBS 050—Womanism and Identity Politics in the Realm of Hip-Hop

This system of “higher education” has produced Alexandria Ocasio-Cortez and millions of young radical leftists just like her.

And even though she has only been in Congress for a little more than two months, AOC is already one of the most popular politicians in America.

Unfortunately, she is tremendously disgusted with capitalism. In fact, according to NBC News she just told a large crowd that capitalism “cannot be redeemed”…

She dismissed concern about the government taking over corporations, which she said she doesn’t favor, by saying “corporations have already taken over our government.”

Instead, she said, her view of democratic socialism emphasizes making everything, politics and the economy, more democratic. And she said capitalism — which she defined as an ideology of “putting profit above of everything else in society” — “cannot be redeemed.”

Is this where our country is headed?

Is there any hope that we can return to the values that this nation was founded upon?

We better hope so, because those values helped us to become the greatest nation on the entire planet. I really like how Trish Regan made this point in her recent piece

America is losing its way amid this socialism madness. The new alt-left’s mob-like insanity is spinning a lie– a lie that capitalism is bad and that capitalists are bad.

Capitalism has made us what and who we are as an economy and as a nation.

Alexander Hamilton said during the founding years of our great republic:

“True liberty, by protecting the exertions and talents of industry, and securing to them their justly acquired fruits, tends more powerfully than any other cause to augment the mass of national wealth and to produce the mischiefs of opulence.” – Alexander Hamilton, “Defense of the Funding System,” July 1795, in Papers of Alexander Hamilton, Vol. 19, p. 32.

I very much agree with her. As a nation, we are definitely losing our way.

Hopefully we can find our way back, because the path that we are currently on doesn’t lead anywhere good.

About the author: Michael Snyder is a nationally-syndicated writer, media personality and political activist. He is the author of four books including Get Prepared Now, The Beginning Of The End and Living A Life That Really Matters. His articles are originally published on The Economic Collapse Blog, End Of The American Dream and The Most Important News. From there, his articles are republished on dozens of other prominent websites. If you would like to republish his articles, please feel free to do so. The more people that see this information the better, and we need to wake more people up while there is still time.

The American Dream Is Getting Smaller, And The Reason Why Is Painfully Obvious…

Over the past decade, an unprecedented stock market boom has created thousands upon thousands of new millionaires, and yet the middle class in America has continued to shrink. How is that even possible? At one time the United States had the largest and most vibrant middle class in the history of the planet, but now the gap between the wealthy and the poor is the largest that it has been since the 1920s. Our economy has been creating lots of new millionaires, but at the exact same time we have seen homelessness spiral out of control in our major cities. Today, being part of the middle class is like playing a really bizarre game of musical chairs. Each month when the music stops playing, those of us still in the middle class desperately hope that we are not among the ones that slip out of the middle class and into poverty. Well over 100 million Americans receive money or benefits from the federal government each month, and that includes approximately 40 percent of all families with children. We are losing our ability to take care of ourselves, and that has frightening implications for the future of our society.

One of the primary reasons why our system doesn’t work for everyone is because virtually everything has been financialized. In other words, from the cradle to the grave the entire system has been designed to get you into debt so that the fruits of your labor can be funneled to the top of the pyramid and make somebody else wealthier. The following comes from an excellent Marketwatch article entitled “The American Dream is getting smaller”

More worrying, perhaps: 33% of those surveyed said they think that dream is disappearing. Why? They have too much debt. “Americans believe financial security is at the core of the American Dream, but it is alarming that so many think it is beyond their reach,” said Mike Fanning, head of MassMutual U.S.

Almost everyone that will read this article will have debt. In America today, we are trained to go into debt for just about everything.

If you want a college education, you go into debt.

If you want a vehicle, you go into debt.

If you want a home, you go into debt.

If you want that nice new pair of shoes, you don’t have to wait for it. Just go into more debt.

As a result, most Americans are currently up to their necks in red ink

Some 64% of those surveyed said they have a mortgage, 56% said they had credit-card debt and 26% said they have student-loan debt. Many surveyed said they don’t feel financially secure. More than a quarter said they wish they had better control of their finances.

You would have thought that we would have learned from the very hard lessons that the crisis of 2008 taught us.

But instead, we have been on the greatest debt binge in American history in recent years. Here is more from the Marketwatch article

It makes sense that debt is on Americans’ minds. Collectively, Americans have more than $1 trillion in credit-card debt, according to the Federal Reserve. They have another $1.5 trillion in student loans, up from $1.1 trillion in 2013. Motor vehicle loans are now topping $1.1 trillion, up from $878.5 billion in 2013. And they have another nearly $15 trillion in mortgage debt outstanding.

That is one huge pile of debt.

We criticize the federal government for running up 21 trillion dollars in debt, and rightly so, but American consumers have been almost as irresponsible on an individual basis.

As long as you are drowning in debt, you will never become wealthy. In order to build wealth, you have got to spend less than you earn, but most Americans never learn basic fundamentals such as this in our rapidly failing system of public education.

Many Americans long to become financially independent, but they don’t understand that our system is rigged against them. The entire game is all about keeping consumers on that debt wheel endlessly chasing that piece of proverbial cheese until it is too late.

Getting out of debt is one of the biggest steps that you can take to give yourself more freedom, and hopefully this article will inspire many to do just that.

To end this article today, I would like to share 14 facts about how the middle class in America is shrinking that I shared in a previous article

#1 78 million Americans are participating in the “gig economy” because full-time jobs just don’t pay enough to make ends meet these days.

#2 In 2011, the average home price was 3.56 times the average yearly salary in the United States. But by the time 2017 was finished, the average home price was 4.73 times the average yearly salary in the United States.

#3 In 1980, the average American worker’s debt was 1.96 times larger than his or her monthly salary. Today, that number has ballooned to 5.00.

#4 In the United States today, 66 percent of all jobs pay less than 20 dollars an hour.

#5 102 million working age Americans do not have a job right now. That number is higher than it was at any point during the last recession.

#6 Earnings for low-skill jobs have stayed very flat for the last 40 years.

#7 Americans have been spending more money than they make for 28 months in a row.

#8 In the United States today, the average young adult with student loan debt has a negative net worth.

#9 At this point, the average American household is nearly $140,000 in debt.

#10 Poverty rates in U.S. suburbs “have increased by 50 percent since 1990”.

#11 Almost 51 million U.S. households “can’t afford basics like rent and food”.

#12 The bottom 40 percent of all U.S. households bring home just 11.4 percent of all income.

#13 According to the Federal Reserve, 4 out of 10 Americans do not have enough money to cover an unexpected $400 expense without borrowing the money or selling something they own.

#14 22 percent of all Americans cannot pay all of their bills in a typical month.

This article originally appeared on The Economic Collapse Blog. About the author: Michael Snyder is a nationally syndicated writer, media personality and political activist. He is publisher of The Most Important News and the author of four books including The Beginning Of The End and Living A Life That Really Matters.

11 Rage-Inducing Facts About America’s Wildly Out Of Control Student Loan Debt Bubble

Higher education has become one of the biggest money-making scams in America. We tell all of our young people that if they want to have a bright future, they must go to college. This message is relentlessly pounded into their heads for their first 18 years, and so by the time high school graduation rolls around for many of them it would be unthinkable to do anything else. And instead of doing a cost/benefit analysis on various schools, we tell our young people to go to the best college that they can possibly get into and to not worry about what it will cost. We assure them that a great job will be there after they graduate and that great job will allow them to easily pay off any student loans that they have accumulated. Of course most college graduates don’t end up getting great jobs, but many of them do end up being financially crippled for decades by student loan debt.

In all of American history, we have never seen anything quite like this student loan debt bubble. Since 2007, the total amount of student loan debt in America has nearly tripled.

Let me repeat that again.

Since 2007, the total amount of student loan debt in America has nearly tripled.

But of course the quality of college education has not tripled over that time. Instead, it has progressively gotten worse. At this point most college courses have been so “dumbed down” that the family pet could pass them. If you would like to look into this more, you can find a list of 37 of the most idiotic college courses in America right here.

These days, most college courses do not require any actual writing. Instead, your performance is judged by a series of “tests” consisting of multiple choice, fill in the blank, and true/false questions. And the questions are usually ridiculously easy, because most of our high school graduates need to take remedial courses in basic skills when they get to college.

I spent eight years at public universities, and the quality of education that I received was a joke, and that was many years ago. Now the quality of education has deteriorated so dramatically that most college degrees are essentially worthless from a practical standpoint, but for many professions you still need that “piece of paper” in order to “qualify” for certain jobs.

So the scam continues, and thousands upon thousands of “administrators”, “diversity specialists”, “career counselors” and “college presidents” are taking home massively bloated salaries at our expense. Beautiful new lecture halls, residential complexes and sports stadiums are going up at colleges and universities all over the country, and textbook publishers are laughing all the way to the bank.

If everything but the basics was stripped away, the cost of actually delivering a college education to students would be quite low. In fact, most learning could be done over the Internet.

But instead, the “college education industry” has convinced all of us that we desperately need their services, and that we shouldn’t care about the price.

Of course many of our young people are filled with regret once they get out into the real world and they realize that student loan debt is going to financially cripple them for the rest of their lives.

At this moment, America is drowning in more student loan debt than ever before. The following are 11 rage-inducing facts about America’s wildly out of control student loan debt bubble…

#1 The student loan debt bubble has now grown to 1.4 trillion dollars.

#2 In 2007, the total amount of student loan debt in the U.S. was just 545 billion dollars.

#3 Over the previous ten years, student loan debt has grown by a staggering 176 percent.

#4 Americans now owe more on their student loans than they do on their credit cards.

#5 In 2003, student loan debt accounted for just 3.3 percent of all household debt. Today, that number has grown to 10.5 percent.

#6 The current student loan 90-day delinquency rate is 11.2 percent.

#7 30 percent of all student loans in the United States are either in “deferment” or “forbearance”. The most common reason a loan is placed into one of those categories is because the borrower cannot pay.

#8 It is being projected that a whopping 40 percent all student loan borrowers will default on their loans by 2023.

#9 From 2007 through 2017, “college tuition costs jumped 63 percent, school housing surged 51 percent and the price of textbooks by 88 percent.”

#10 In 2001, 18.6 percent of all U.S. households led by someone in the 18 to 34 age bracket were carrying household debt. Today, that number has jumped to 44.8 percent.

#11 Each year, more than a million Americans default on their student loans.

This article originally appeared on The Economic Collapse Blog. About the author: Michael Snyder is a nationally syndicated writer, media personality and political activist. He is publisher of The Most Important News and the author of four books including The Beginning Of The End and Living A Life That Really Matters.

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