By Bill Maher
Remember the Occupy movement? Letting rich people know we're onto them by shitting in the park? God, that seems like forever ago. My "We Are the 99%" t-shirt is in a brown bag in the back of my closet with a bunch of wide neckties. But one issue raised during that movement was not only legitimate, it continues to grow. While American credit card and auto loan debt decreased between 2005 and 2012 as consumers tightened their belts during the financial crisis, student loan debt continued to soar. College kids have been bled so dry, many have to call their imaginary Internet girlfriends collect.
According to a post from The Motley Fool, a credit and financial analysis company called FICO Labs "looked at 10 million consumer credit files for its most recent research report and it found that since 2005 the average amount of student loan debt has risen by a whopping 58 percent to more than $27,253 in 2012 compared to $17,233 in 2005."
And why has student loan debt exploded?
As Bloomberg reported last August:
"College tuition and fees have surged 1,120 percent since records began in 1978, four times faster than the increase in the consumer price index. Medical expenses have climbed 601 percent, while the price of food has increased 244 percent over the same period."
College has become all but unaffordable and kids are racking up massive debts they cannot repay.
More Motley Fool:
"Looking at two two-year periods, FICO found that delinquency rates on existing student loans increased from 17 percent between October 2005 and October 2007 to 25.1 percent between October 2010 and October 2012. That represents a whopping 47 percent rise in delinquencies."
These are kids, many with no jobs, who have moved back in with their parents. And you know what they say: "You can't get blood from the stoned."
Kids go to college to get laid, not to get fucked. When the price of your service has increased at twice the rate of healthcare -- an industry widely seen as the standard bearer for fuck-you overpricing -- aren't you just shamelessly price-gouging desperate, vulnerable kids who have come to view college as a necessity? And what happens to the economy when more and more graduates, as is predicted, default on these loans?