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The Student-Loan Siphon
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This Journal editorial points to a Philadelphia Fed study showing that students in the middle class with higher student debt are reluctant to start small business. The Fed study shows new firms with five employees declined by 17% on average for 2000-2010 in counties where relative student debt was up by 2.7%. The average student loan customer owes $28,000. Student debt has doubled from $547 billion in 2007 to over $1 trillion in 2015. As small business makes up about half of the private economy and generates 6 of 10 new jobs, the effects on small business show the damage being done rising student loan debt.
Student debt and the added burden it poses for the U.S. economy in 2012-2015
04/11/2011
The effects on new home purchases by younger buyers of first homes of the pile up of large student debt.
Grouped Articles
High student debt is dragging down the U.S. economy | Wonkblog
Washington Post 04/18/2013
Student Loan Debt Is a Drag on the Economy, Too
New York Times 05/10/2013
New York Times 06/22/2013
Housing Recovery Increasingly Prices Out First-Time Buyers
Wall Street Journal 07/22/2013
College Tuition Increases Slow, but Government Aid Falls
Wall Street Journal 10/23/2013
Upward Mobility Has Not Declined, Study Says
New York Times 01/23/2014
The gradual recovery in household spending in 2013-2015 as Americans with high credit scores get mortgages and young people with student loans defer purchases
02/18/2014
The mixed picture in household debt in 2013-2014 as the U.S. economy recovers its footing, but only gradually because of underlying problems in high student debt of over $1 trillion, and slow growth in mortgage loans for new homes following the mortgage crisis, with banks setting high credit scores for home loans.
Grouped Articles
An Ambiguous Omen, U.S. Household Debt Begins to Rise Again
New York Times 02/18/2014
J.P. Morgan Loosens Terms for Jumbo Mortgages
Wall Street Journal 08/05/2015
School-Loan Reckoning: 7 Million Are in Default
Wall Street Journal 08/23/2015
Wall Street Journal 08/23/2015
Wall Street Journal 08/29/2015
What Could Raising Taxes on the 1% Do? Surprising Amounts
New York Times 10/16/2015
The Obama administration's push for college-for-all and problems with student debt and lack of vocational training
04/11/2011
Grouped Articles
High student debt is dragging down the U.S. economy | Wonkblog
Washington Post 04/18/2013
Student Loan Debt Is a Drag on the Economy, Too
New York Times 05/10/2013
College Tuition Increases Slow, but Government Aid Falls
Wall Street Journal 10/23/2013
Jamie Dimon’s harried JPMorgan Chase pushes campaign for worker training - The Washington Post
Washington Post 01/03/2014
Upward Mobility Has Not Declined, Study Says
New York Times 01/23/2014
The Ripple Effects of Rising Student Debt
New York Times 05/24/2014
Student debt at $1 trillion in 2011 - a macroeconomic factor which determines consumer spending and buying of new homes
03/11/2009
Student debt in 2011 was 5 times the level in 2000. This happens as education and technical skills are increasing in importance in determining wages and benefits, higher education in increasingly becoming unaffordable, and government help is declining because of budget cutbacks. This is affecting the image of the U.S. as a nation of opportunity.
Grouped Articles
High student debt is dragging down the U.S. economy | Wonkblog
Washington Post 04/18/2013
Student Loan Debt Is a Drag on the Economy, Too
New York Times 05/10/2013
U.S. Schools Chief Arne Duncan Labors to Straddle Political Divide
Wall Street Journal 07/22/2013
The Great Stagnation in American Education
New York Times 09/07/2013
College Tuition Increases Slow, but Government Aid Falls
Wall Street Journal 10/23/2013
Upward Mobility Has Not Declined, Study Says
New York Times 01/23/2014
Older Americans and student loan debt
09/12/2014
Grouped Articles
Student Loan Debt Burdens More Than Just Young People
New York Times 09/12/2014
School-Loan Reckoning: 7 Million Are in Default
Wall Street Journal 08/23/2015
Wall Street Journal 08/29/2015
What Could Raising Taxes on the 1% Do? Surprising Amounts
New York Times 10/16/2015
Nearly 5 Million Americans in Default on Student Loans
WSJ 12/13/2017
Worthy of TR (1)- Mitch Daniels, former Republican Governor of Indiana, on the damage done by rising tution and what Purdue University is doing about it
01/28/2015
A three year freeze on tution and reducing the expenses of room and board and textbooks is the response of Purdue University to the student debt crisis facing the U.S. Student debt will reach $1.3 trillion by 2015 by Federal Reserve estimates. WSJ-Experian analysis shows about 40 million students are affected in 2014, 70% of those who graduate, and the average student in the class of 2014 leaves college with $33,000 in debt. The result is that 20 and 30 year old young people delay marraige, childbearing, delay buying a home. About half fear they will default on other debt, and of those under 24 45% live with parents. Fewer of these people will start a business. Mitch Daniels says costs of education have to come down and soon- it is a moral and social obligation for all in our society to keep our social fabric together, our ultimate strength.
Grouped Articles
How Student Debt Harms the Economy
Wall Street Journal 01/28/2015
Big Gap in College Graduation Rates for Rich and Poor, Study Finds
Wall Street Journal 02/05/2015
College Majors Figure Big in Earnings
Wall Street Journal 05/07/2015
School-Loan Reckoning: 7 Million Are in Default
Wall Street Journal 08/23/2015
Wall Street Journal 08/29/2015
What Could Raising Taxes on the 1% Do? Surprising Amounts
New York Times 10/16/2015
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