Dissident economic statistician Matt Bruenig (previously) has parsed the latest numbers from the Survey of Consumer Finances, and brings us the news of the increased democratization of student debt: in 1989, only 16% of students and their families carried student debt -- in 2016, it was 44%.
And it's not just that more people are carrying debt -- they're carrying more debt. The eightieth percentile borrower had no debt in 1989, in 2016, they carried $22,000.
As Bruenig points out, expanding the burden of student debt to families with more political influence, and increasing the weight of that burden, is an unsustainable practice that will reach a breaking point, and soon: "These kinds of year-over-year increases in student debt levels are ultimately unsustainable. It is not possible for debt to perpetually grow faster than the capacity to repay it. Eventually something will have to give."
The trend here is the same. In 1989, the debt of the ninetieth percentile was 11.5% of their current income. By 2016, it was 109.7%. In 1992, the debt of the eightieth percentile was 3.9% of their current income. By 2016, it was 48.4%.
During the last decade, many thought that the student debt positions of young families were being driven by the effects of the Great Recession. But it is clear from the 2016 data that the problem remains: every year, more and more young people are taking on higher and higher levels of student debt.
Something Has to Give
When teachers from the largest school district in America walked off the job this week, they were not campaigning for wages: rather, they were demanding smaller classes; more librarians, counselors, aides and special-ed teachers; and to rein in the Charter school movement, and that last demand is the key to understanding the whole thing.
Karen Pence, wife of Vice President Mike Pence, just started a new job this week. She’s an art teacher at a Christian school that makes job candidates sign a pledge not to engage in homosexual activity. Gay kids, you’re not welcome either.
LA teachers are on strike today, fighting against privatization, standardized tests, giant classes, and clawbacks of in-class teachers' aides.
For the newbie, Python can seem like the most intimidating programming language. After all, it can be used to create everything from simple apps to vast networks of web crawlers. But there are fundamental principles that underlie all the uses of this versatile platform, and you can absorb them all with the Python Master Class […]
Building a website on WordPress has always been easy. But if you really want to make your website stand out from the growing crowd, you’re going to need some help. For our money, a subscription to Storeshock WordPress Themes & Elements does the trick almost as well as having a pro designer by your side […]
These days, there isn’t much our iPhone camera can’t do – except feel like an actual phone. Despite years of steadily increasing resolution and image sensing technology, we’re still taking shots awkwardly with two hands, fumbling for the shutter button. Leave it to an avid photographer to design Shuttercase, a versatile iPhone case that solves […]