This interview really gets to the heart of the matter. This young woman was told by the media, the government, her academic counselors, and everyone around her to just go to college and not worry about the cost. “Just go to the best college you can get into, don´t worry about the expense, and everything will work out fine. College is always worth it, especially if you can get into a decent school.” They also probably told her to study what she loves, which is nice in theory, but a lot of fun majors rarely lead to well paying jobs. Unfortunately she was too young and naive to see thru the propaganda, and her parents, who never went to college, were also probably ignorant to the realities of what college really provides. Her guidance counselors and financial aid people never even came close to doing due diligence and did not do a cost/benefit analysis or a feasibility study about how much the interest on the debt would cost and how much she could reasonably earn after graduation. Now here she is with crushing debt, a worthless degree in sociology, a job that she could do perfectly well without her degree, and a lifetime of debt slavery. Peter Schiff recommended that she leave the country and begin again somewhere else because there is not future for her in America, and I agree with him.
Another problem is that Americans are taught to think emotionally and sentimentally about things, not realistically or logically. They are also taught to be optimistic, to believe that they have unlimited abilities and that they can anything that the want to do. All of this teaches people to think in fuzzy emotional terms about college´s return on investment, with an inflated and unrealistic sense of their future potential. Then when they graduate they get hit with the cold hard slap of reality and they wake up too late. The reality is that not everyone is college material. Not everyone is a winner. Employers only pay people to do jobs that serve their interests, not to pay people to have fun or be fulfilled. The smart competent people will graduate from college and usually do well…but then again they would have most likely done well anyway, because the talented tend to succeed. The tragedy is when average people get majors in fields that confer no job advantage. They were hoping that that degree in sociology or English or dance or psychology would be there ticket to a better life and justify the huge debt that they have taken on.
This is what we have come to. What we have is a massive con perpetuated by various interested parties (the media, universities, the government, banks…) to trap naive people into a life of indentured servitude. The banks make a fortune and when it all comes collapsing down, because no one will pay, our bankrupt government will simply monetize the debt and create more inflation. It should be a national scandal but the media hardly talks about it.