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Permanent Debt Bondage from America's Student Loan Racket

By       Message Stephen Lendman     Permalink
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Permanent Debt Bondage from America's Student Loan Racket - by Stephen Lendman

An earlier article compared the 1950s to today, saying:

It was a different time, good and bad. Elected in 1952, Eisenhower was still president. Unemployment was low. Anyone wanting work found it. Most years the economy grew during a post-WW II expansion. Inflation was low. The average new car cost $1,500, a typical home under $10,000. College was affordable. Harvard's 1952 full year tuition was $600. Four years later it was $1,000 - for a full, two-semester year. During the period, anyone could attend evenings at $5 a course and get a Harvard degree for about $175, astonishing but true.

America was unchallenged economically, its manufacturing base offering high paying/good benefits jobs. Union representation was high. Southern and northern US cities were segregated. They still are, all 1960s civil rights gains lost plus most good jobs and benefits. Alaska and Hawaii additions grew America to 50 states.

The Korean War left an unsettled armistice. Cold War politics settled in. Developing "mutually assured destruction (MAD)" and accommodation prevented WW III. Censure ruined Joe McCarthy, and by May 1957 he was dead at age 48. The CIA's first coup deposed Iran's Mohammad Mosaddegh. A generation of terror followed. A year later, another toppled Guatemala's Jacobo Arbenz Guzman, fueling decades of genocide against its indigenous peoples. 

Throughout the decade, few followed Vietnam events, its defeat of France, and America's growing involvement in what became three decades of war. Palestinian Territories weren't occupied, and during the period Israel was young, growing, but mostly out of the news and public mind. Times indeed changed, for the worse, not better, including college tuition costs.

Harvard tuition for the 2010/2011 academic year is $35,568. Add room, board, health insurance fees, books and supplies, local transportation (if needed), plus miscellaneous and personal expenses raises the total to nearly $60,000. Moreover, with annual tuition/fees hikes, incoming freshmen may need $70,000 for senior year expenses. 

According to an October 28 Los Angeles Times article titled, "College costs increase faster than inflation:"

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I was born in 1934, am a retired, progressive small businessman concerned about all the major national and world issues, committed to speak out and write about them.

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