So let me see if I get this right - we're trying to crank consumer credit by turning into debt slaves the only group of suckers left - our young adults. The rest of America has wised up and contrary to media reports is not increasing their credit load, revolving or otherwise.
That's right - our young adults who are too naive to understand are being intentionally exploited. Those young adults who our "High Schools" intentionally fail to teach the principles of the exponential function in the real world and intentionally fail to put forward the truth about how our economy and credit-based system works in real life. This leaves them "ripe" for the picking with stars in their eyes as they listen with rapt attention to the riches promised if they just go to college - whatever it takes.
Asked to take on $100,000 even $200,000 in debt for a college education that will leave them with a $1,000 a month or more after tax obligation, while foreign workers will and do come into the United States without that burden on H1Bs, thereby under-pricing them in the job market by $18,000 a year or more, these young adults are being exploited, screwed, blued and tattooed in a puerile and outrageous attempt to keep the debt-ponzi going by everyone involved from High Schools to Colleges to the Federal Government itself.
This is financial ****, and if you're a parent with kids in college or about to matriculate and you are not warning your children about this outrageous incitement to financial ruin and doing everything in your power to stop it (or worse, you're "helping" them to get screwed like this) I hope your now-adult children refuse the answer the door when Social Security and Medicare blow up and you're rendered homeless, penniless and helpless.
This is one of the most-outrageous abuses I've ever seen perpetrated on anyone. It radically exceeds anything done to the subprime and ALT-A borrowers in that the young adults abused by this practice are by definition simply due to age and experience ill-equipped to understand what they're getting into. They are relying on the adults advising them, from High School and College counselors to "Financial Aid" officers and their parents.
To put a number on this abuse the cumulative damage inflicted on our youth between the first of 2009 and January of 2011, just two short years, is almost two hundred and twenty-four billion dollars.
One quarter of a TRILLION dollars in debt has been larded up on our young adults in the last two years.