Above is Isaiah's The World Today Just Nuts "One-on-One Summit" from yesterday and many strong things went up yesterday including Marcia's "Barack doesn't win the vet vote" and Mike's "Memorial Day," Kat's "Kat's Korner: There's nothing cheap about being ripped off" and Ruth's "Ruth's Report."
Nancy Hanover (WSWS) reports:
A generation of young people are facing financial desperation in order to make huge monthly payments on their loans. The scale of this collective debt affects all aspects of their lives:
* 39 percent of 18-to-29-year-olds have no health insurance.
* 23 percent say they cannot buy basic necessities.
* 20 percent have credit card debt of more than $10,000.
* 49 percent have taken a job they didn’t want in order to pay bills.
* 24 percent have moved back home with parents to save money.
* 20 percent have postponed marriage.
* 22 percent of 18-to-34-year-olds have postponed having children.
Today, 15.4 percent of Americans have student loans, and 14.4 percent of these loan holders are delinquent, the highest delinquency rate of any form of debt.
But why this is this tsunami of debt devastating a generation, and who benefits?
To avoid the mention of profit, the banking industry or the role of the government, the media typically blames either the students themselves, the purportedly overpaid faculty, or the mindset of an “entitled generation.”
It's a scandal. It hurts poor people. My son that lives with us now? He went so far in debt with student loans. That wasn't 'entitlement.' That was he is the oldest of eight children. My husband and I weren't able to help him at all. We wish we could have. (His college loans are paid off now. That's only due to C.I. and Elaine hearing about the debts from Mike and paying them off.) With Mike, we could afford to help. We didn't have to. (C.I. carried Mike.) So we were able to pay for our youngest child's college.
But it's not fair and it's not easy.
And it does create debt and that is the intent. It creates a mountain of debt that people take years to get out from under.
The system needs to be changed. Not reformed, changed.
This is C.I.'s "Iraq snapshot" for Tuesday: