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.
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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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Today, Ray tells you how to profit from curing cancer.
The US in the midst of an energy revolution, but it hasn't come easily. It's been a long time in the making, and the only reason it's happening is because of technological breakthroughs in oil production. Today, Ray Blanco explains why the next step in this energy revolution is improving seismic technology. Read on...
Social media stocks have been beaten and left for dead since investors started selling in September. But are they poised to take a ride on the current end-of-year rally train? Greg Guenthner explains why, despite looking bruised and bloodied, you shouldn't count out social media just yet. Read on...
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Former Fed Chairman Alan Greenspan was asked recently on Bloomberg TV and scoffed at Bitcoin.