Ronald Reagan stuck it to millennials: A college debt history lesson no one tells [View all]

[unhappycamper]

http://www.salon.com/2014/07/05/ronald_reagan_stuck_it_to_millennials_a_college_debt_history_lesson_no_one_tells/



Dramatic, awful changes occurred on my generation's watch -- and it amounts to a fiendishly successful conspiracy

Ronald Reagan stuck it to millennials: A college debt history lesson no one tells
Peter Lunenfeld
Saturday, Jul 5, 2014 10:00 AM EST

~snip~

The students Reagan loathed were the beneficiaries of a consensus that paired the GI Bill with the post-Sputnik explosion of higher education to offer no- to low-cost access to public institutions, and aid to those who needed it to make private college possible. Students were not expected to shoulder the burden of their educations alone, and this freed them to explore who they wanted to be and the kind of America in which they wanted to live. There were many adults, of course, who despised them for just this freedom, and powerful forces terrified of the changes they saw coming.

By the time Reagan was elected to the nation’s highest office a decade and a half later, these powers had devised perfect tools to make sure the spirit of 1960s protest would never again erupt on campus. During Reagan’s two terms as president, dedicated funding for outright grants-in-aid decreased, federal guidelines pushed individual loans, and private bill collectors were brought in to ensure that hardest kind of debt to escape was whatever you took on for your education. Even more important was the shift in tone and expectation. Public goods became private services, and by the end of the 1980s, the anti-tax, infra-structure-starving, neo-liberal Weltanschauung meant that as states cut their budgets, support for higher education was thrown into a cage match with every other necessary public good.

Had anyone at my reunion complained about the complacency of today’s students or bragged about how they got through school without taking on staggering debt, I could have reminded them that the class of ’84 was the last to have a higher percentage of grants than loans. Today’s imbalance leads too many students to buy the lie that the humanities are exclusively for rich kids. They worry that those in the 99% studying Aristotle or Virginia Woolf are destined for permanent residency in their parents’ basements and, if they are lucky, positions as baristas.

These same students are pressured to major in “practical” subjects like business or the STEM fields (science, technology, engineering and mathematics), even though this year, more than 80% of all students, regardless of major, didn’t have a job lined up a month before graduation. Worst of all, these students’ sense of the future is constrained by planning for and then paying down their student loans, often for decades. Economists are waking up to the fact that when young Americans enter the workforce burdened with over a trillion dollars in cumulative debt, they become risk averse, unwilling to move, less able to make major purchases, and slower to become homeowners. Not coincidentally, they don’t feel safe enough to register any major protests against the society that’s done this to them.