Income Redistribution: Average Student College Loan Is Going Up and Up and Up!

The average college student who graduated in 2011 had $26,600 in student loans, according to a new report, which estimates two-thirds of 2012’s college graduates had student loan debt.

The average debt is the largest since the Institute for College Access and Success began compiling the figures in 2005, and it comes amid soaring college costs, record loan defaults, and a persistently difficult job market for college graduates.

While unemployment among college graduates is only slightly higher than the overall rate, the study found a stunning 37.8 percent of recent graduates are working in jobs that do not require a college degree. The study said that means wages are depressed, making the situation for graduates even more difficult.

“Recent college graduates have entered an enormously difficult job market, which poses particular challenges for those who need to begin paying back student loans,” the study said.

There are several things the study did not say. For example, student loans have been pushed on students by Wall Street, which influenced congress and President Ronald Reagan to cut federal grants so that students would need to borrow more and more money in order to obtain an education. Investment firms take the loans, slice and dice them, and use the payments to back bonds, which they sell to rich investors. That means the payments made by students go directly into the pockets of the 1 percent because the government under Reagan decided this was a good income redistribution scam. These same rich investors receive all sorts of government welfare, and they’re shipping jobs overseas and destroying the US tax base in the process.

In other words, student loans are a carefully orchestrated scam by the 1 percent to redistribute income from the 99 percent to the 1 percent.That’s why student loan debt exceeds over a trillion dollars and is greater than all US credit card debt, which, coincidentally, is another income redistribution scam perpetrated by the 1 percent.

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Thank You Free Trade Income Redistribution Scams: Stories of the Unemployed in the United States

High unemployment, crumbling schools and roads; The new normal, that’s where we’re at, at least that’s what some people say. They’re wrong. Even with slight upticks in the number of jobs in the USA, things are continuing to deteriorate for the 99 percent. Your government is still plotting in secret to fashion polices that ship jobs overseas and redistribute income from the 99 percent to the well-heeled, corrupt and politically connected one percent. That redistribution of income and wealth has been ongoing for thirty years and look what it’s done to us, to our nation, to the 99 percent who have no representation in government. Perhaps unemployed Frankie says it best below when she relates what the new normal means for her on a personal level.

“To make matters worse,” Frankie wrote, “the job search has never been so degrading. I’m 57, so I can remember a time when looking for work did not mean forfeiting your dignity. The screening process for even the lowliest position is more invasive than a strip search. Urine tests, credit checks, Internet searches of your personal life and protracted inquisitions by committee are the norm.

In the wealthiest country in the world, should a job with a minimal level of financial security really be so much to ask? Despite the deficit hysteria, there is in fact no shortage of resources in the US.”

Click here for the series of sad stories

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