Debt Slavery Via The College Education Bubble and Scam

Debt Slavery Via The College Education Bubble and Scam

The problems associated with debt are as ancient as society itself, from ancient Greece and Rome (circa 800 B.C.), Egypt to Asia, history documents its pervasiveness.   The Bible also discusses it throughout as it warns against debt, praises the merits of not going into debt, and issues condemnation for lenders who abuse those indebted to them.  Paul implores us to owe nothing (Rom. 13:8), Proverbs 22:7 tells us “The borrower is the slave of the lender”.

The term “debt bondage” or “debt slavery” (a person’s pledge of their labor or services, or of those of a person under his control, as security for the repayment of a debt) is not a new one, the practice has been in use for thousands of years, including in ancient Israel,  and was commonplace up through even the 19th century.  But unlike the Bible that mandates release from debt and/or debt bondage after seven years, in the rest of the world the terms of the repayment of debt were often undefined making quittance nearly impossible and regularly resulted in lifelong servitude.

Debtor’s prison, also ancient in its use, was a common way to deal with unpaid debt in Western Europe that also spilled over into colonial America, becoming quite prevalent. But the entire idea of being jailed for debt was becoming more and more of a contentious issue among Americans as many were in need of relief of oppressive debt and abusive lenders. By the time the Revolutionary War ended the founders, having heard the outcries and understanding the importance of debt relief to the economy, incorporated the right of bankruptcy protection into the Constitution itself, the first country to do so in its founding legal documents.

How far we have come from this positive step of enlightenment, going from reasonable debt management to the flippant attitude that “deficits don’t matter”.  With debt mounting on a national level as we expand social welfare programs and massive unfunded liabilities of government retirements, Social Security and Medicare, not to mention skyrocketing personal credit debt, we are on the fast track to economic unsustainability.

And as if this massive debt burden we have created for future generations isn’t going to be enough of a blow to their future incomes, add to that what has become a fast inflating “education bubble” where the debt now exceeds a trillion dollars, threatening to burden them further and left even less positioned to ever get out from under it.

This bubble is the result of the enormous rise in tuition, via cheap credit, coupled with the belief that a college degree will yield enough in increased income to make taking on the debt worthwhile.  The reality is that many people are graduating and finding themselves unable to get jobs that allow them to pay off the debt.  Adding insult to injury the debt, which is topping the six-figure range in more and more cases, cannot be eliminated through bankruptcy like other debt.

Bill Whittle explains:

 

As noted, the rise in college tuition is vastly outpacing inflation, the Consumer Price Index and family incomes, and as it has risen people are making up the difference with debt.

The Bureau of Labor Statistics is also predicting that seven out of the ten fastest growing jobs in the next decade will be based not on higher education, but on-the-job training.   As jobs in their field of study are proving to be largely unavailable, college graduates are finding better opportunities for income advancement in the skilled labor fields.  Mike Rowe argues that there exists a skills gap where millions of good jobs are going unfilled and that we are unnecessarily, and even with a stigma, discouraging young people from perusing careers in the trades. Instead we are continuously and aggressively pushing the idea that a college education is the ONLY path to middle-class prosperity.  Mike is forging a campaign to change this perception.

 

 

So just why are we so vigorously promoting the idea to people that the only opportunity there is for upward mobility is through higher education, with many effectively burdened with massive student-loan debt in the process, only upon graduation to find themselves ill-prepared and lacking the skills to obtain a substantive place in the workforce? Actual learning in colleges has diminished and there seems to be encouragement to pursue feel-good degrees of little worth in the real job world.  Who really is benefiting and to what end?

Slavery, it seems, is alive and well in America.  For decades the government and those that believe in massive government, found a way to enslave the poorer of our population, including an unbalanced share of minorities, through welfare and social programs. Now it appears it’s the aspiring middle-class’ turn.  These massive debt burdens of the past and present are creating  a de facto debt prison with iffy hope of being freed from the trap.

There were also those who said, “We are mortgaging our fields, our vineyards, and our houses to get grain because of the famine.” And there were those who said, “We have borrowed money for the king’s tax on our fields and our vineyards. Now our flesh is as the flesh of our brothers, our children are as their children. Yet we are forcing our sons and our daughters to be slaves, and some of our daughters have already been enslaved, but it is not in our power to help it, for other men have our fields and our vineyards.” (Neh. 5:3-5).

  1. Herrmann Glockler September 17, 2014, 9:45 pm

    This is a problem that was created by government’s good intentions gone bad.
    To make college more affordable, government issued student loans.
    Colleges realized government was doling out free money, jacked up their tuition and introduced college courses in what I term “underwater basket weaving”, i.e. courses with easy curricula, but little chances to result in employment with salaries to be able to pay back the loans.
    Government, rather that recognizing its follies in this, came up with the idea to have tax payer who did not go into debt for useless higher education pay back these loans with higher taxes on all, including those who did not go to colleges.
    There is no end to government good intentions gone bad, probably because the authors of these feel good legislations were the ones who studied underwater basket weaving in College.

    Reply
    • Hi Herrmann,

      Yes selling it to public uses good intentions. To sell it to Democrat politicians requires no good intention, just selfish ambition.

      At a cost of billions of government money students are indoctrinated into voting Democrat. And it works, 60% to 36% in last election. So millions are debt enslaved with worthless degrees to benefit a handful of Democrat politicians.

      Reply
  2. The part they are telling you is these student loans (debts) are uncollectable!!

    Student Loans are Indorsed in Blank and Are Uncollectable

    According to the Federal Register, student loans are securitized
    which means that student loans were sold or are pooled with other
    student loans endorsed into a trust. These trusts are called asset
    backed securities.

    Reply
    • Interesting, so like MERS for mortgages.

      There is another motive on this. After ObamaCare was passed Pelosi handed out 50% of all biz exemptions to her tiny district, many of the rest went to Obama’s unions. So the game is create something that hurts people, claiming to help people, then corruptly give exemptions to your supporters, so your opponents are weaker. Mugabi did that.

      Reply
      • Education is big business with little delivery…Read KJV Ecclesiastes 1:17-18.
        The goal of our rulers is to put as many people in debt to control the masses. The rich mans destruction comes in one day…they can’t even stop it now! God is in control!

        Reply
  3. By: Juan Reynoso, WTP Activist – clearglobal2016@gmail.com
    Americas must realize that self-scrutiny is not treason. Self-examination is not disloyalty.
    Truth and knowledge diffused among the people are necessary for the reclamation and preservation of our Democracy, rights, freedom and liberties.
    http://www.sanders-warren2016.com/my-view/ http://sanders.enews.senate.gov/mail/util.cfm?returnmsg=subscribe
    Fellow Americans, now is the time to give thanks to our Lord Jesus, for given us “BERNIE SANDERS”; a Presidential candidate, a real statesman, a believer of Democracy, freedom and social justice, that will fight for the average American and make a reality “ Equal opportunity for every American”. Americans do not want handout, we want is, real equal opportunities to be the best we can be.
    It is a shame that our government has billions of Dollars to expend in the wars and hundreds of military installations all over the world to protect the interest of the American’s corporations but do not have the money to give the citizens of our country a free college education that will contribute to our country’s prosperity. 700,000 college girls turn into prostitution so they can pay for their college education. https://www.youtube.com/watch?v=vKiN87SGnG0
    Bernie Sanders, will stop this, the establishment propagandized the idea that college degree will insure a bright future and success in life. This is a lie, no everyone has to go to college; free college education will give Americans a choice to go to college without the burden of becoming an economic slave. http://aun-tv.com/2014/09/debt-slavery-via-the-college-education-bubblescam/
    We are the future of our country, we must support Bernie Sanders; join the political revolution.
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    Reply

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