America’s student loan debt is over $1 trillion, greater than auto debt and credit debt, and second only to mortgage debt, with students averaging $25,000 in debt upon graduation, and two-thirds of all college students graduating with debt. Unemployment for this generation of college graduates is very high, with one-third of all graduates taking lower-paying jobs after college to meet basic needs, with the number of underemployed graduates more than tripling between 1992 and 2008.
Since 1986 the cost of college tuition has grown four times faster than the inflation rate, leaving today’s graduating students with an increasingly large debt burden and fewer prospects.
But what is government’s role in all this? As with the housing bubble, Fannie Mae and Freddie Mac have been deeply involved in creating the education bubble. In this exclusive Daily Reckoning video, we explain why tuition is rising so rapidly and how it can be reversed.
Want to learn more? Sign up for The Daily Reckoning.
It's hard to believe that more than ten years have gone by since we began writing The Daily Reckoning out of a Paris office back in July of 1999?
Since then, a lot has changed. We have seen the dot com boom and bust... a massive expansion of credit...real estate mania and meltdown?and epic highs and lows in the markets.
Nothing about the past ten years has been boring. And we have been there throughout, trying to help readers make some sense out of our global economy. And hopefully providing a few laughs along the way.
In short, we pen The Daily Reckoning each day -- for free -- to show you how to live well in uncertain times. We aim to make each article the most entertaining 15-minute read of your day.
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To allow exports of oil or to not allow exports of oil? That has become a very important question. Today Jody Chudley takes a look at that and three ways to invest around political thumb sucking…
As the business publication Quartz reports, "Cisco projects video to represent 71% of all mobile data traffic by 2019, up from about 55% last year, and representing the bulk of mobile traffic growth."
Bill Bonner writes with his mouth wide open… staggered by the shabby immensity of it… a tear forming in the corner of his eye. Yes, he's looking at how the US economy, money and government have changed since President Nixon ended the gold-backed monetary system in 1971.
There may be a long trip to India in your future if you have hepatitis C. That’s because the Indian Patent Office recently rejected Gilead Sciences’ application for a patent on Sovaldi. You may remember Sovaldi, the nearly miraculous “cure” for hep C that was approved by the FDA a little more than a year ago.
Use what analogy you will: a car, a clock, a chemistry experiment... the point remains that the Fed believes it can control the economy. Indeed the Fed will stop at nothing to realize the goals of its dual mandate" to maximize job growth and maintain price stability. But, as Jim Rickards expalins, that conceit always ends in disaster. Read on...
The median forecast of the 76 economists Bloomberg surveyed undershot the actual total by 75,000. And the highest estimate was still 49,000 short. Not even close guys. Try again next month.