July 25, 2017 - Freedomain Radio - Stefan Molyneux
09:57
3757 Student Loan Debt INCREASES 457% Since 2003 | The Daily Argument
As discussions about ideological divides on college campuses repeatedly hit the news, new data shows that student loan debt has increased over 457% since only 2003. In the 18 years that the New York Federal Reserve has been releasing student debt analysis, student loan balances have always increased.Source: http://www.foxbusiness.com/features/2017/07/21/student-loan-debt-up-more-than-450-since-2003.htmlYour support is essential to Freedomain Radio, which is 100% funded by viewers like you. Please support the show by making a one time donation or signing up for a monthly recurring donation at: http://www.freedomainradio.com/donate
Today we're going to be talking about student debt.
Yes, the financial tinnitus that follows you wherever you go.
The numbers that are out there at the moment are truly staggering.
Student loans account for $1.4 trillion worth of debt nationwide.
That's close to 10% of the entire GDP of the United States.
Outstanding student loan balances since 2003 have increased more than 457%.
The paperwork is really bad.
On some of these they can't find enough paperwork to justify pursuing the debts up to five billion dollars worth of those could just be wiped away.
And 11% of student loan debt was at least 90 days delinquent or in default during the first quarter of this year.
Every year about 10% of student loans slip into delinquency.
So it's truly astonishing and astounding stuff and I want to run through some of the arguments about what is going on.
There is this general low IQ cause and effect mistake that is made continually with universities.
So in the past, it was really hard to get into a university.
It was for the elite or it was for those who were dilettantes, but you still had to be very, very smart.
to get into this now because of IQ disparities across the population and between populations standards were lowered and of course government loves like once Marxists and once leftists take over the universities which they did fairly rapidly after the second world war I remember after the second world war there was a GI Bill so soldiers risked life and limb and death to go and fight socialism in Europe, National Socialism, Nazism.
Then they came back and all of the intellectuals who had fled Germany and other places in Europe after the right took over they came and entrenched themselves in American universities and then after fighting socialism a lot of the GIs came back and through the GI Bill were put into American universities where they were infected with the very disease that they had expended life and limb fighting over in Europe leftism socialism slash communism And so this, of course, produced a lot of the riots in the 60s.
It has produced political correctness, cultural Marxism, gender studies, all of this racial tensions, racial animosity.
It's a foundational tenet of communism, of Marxism, to provoke racial tensions in order to destabilize capitalist economies and capitalist countries.
If capitalist countries are doing really well, if free market economies are doing well, then fewer people want to become Marxists or communists.
And so they have to start destabilizing It's sabotage, right?
They have to sabotage free market economies and then blame everything on the free market which opens the gateway to hell known as communism.
So this whole idea that people who are really smart go to college and then they graduate from college, they end up making a lot more money.
Ooh, well that's great.
So if we want people to make more money, all we have to do is send them to college.
But you see, college in the past was an effect of high IQ. You understand?
So if you were really smart then you could go to college.
But here's the thing. High IQ people do well no matter what.
I mean if you look at Steve Jobs and Bill Gates, these people dropped out of college and ended up, if I remember rightly, doing a little bit of all right.
I think one of them has an eBay store.
Anyway, so if you're smart you're going to do well no matter what.
IQ and income are very tightly correlated.
It may not be fair but You know, one of the things about growing up and becoming an adult is recognizing that, you know, life is not fair.
And because it's not fair, you have opportunities.
So, this idea that smart people make more money, so if we want people to make more money, send them to college, doesn't make any sense.
Going to college won't make you any smarter.
Like tall people play basketball.
And tall people play basketball professionally.
But if I get drafted onto a basketball team, I'm not going to be making massive MBA cash, right?
I mean, it's just not the way it works.
Tall people get onto... You have to be tall to get on the basketball team.
Being drafted onto the basketball team doesn't make you tall.
So you used to have to be smart to get into college.
Now they throw you in college in the hopes it'll make you smart.
And the other thing, too, is something kind of unremarked upon, but it's really important to think about.
The government has already had you for 12 years.
for 12 years by the time you go to college right now this makes very little sense at all because if the government has had you for 12 years why do you need to go to college in 12 years you can do absolutely astounding things 12 years full-time study plus homework you should be able to go out and do just about any job on the job training learning things you should be self-taught you should you should have control of your own destiny when it comes to I mean I haven't even been running my show for 12 years so people who started listening at the beginning still haven't graduated from my quote high school and so because government schools have got progressively worse right since the 1960s in the 1960s became impossible basically to fire government teachers which meant that bad teachers proliferated and good teachers generally fled bad administration and having to rub shoulders in the teachers lounge with neck beard mouth breathing overweight idiots and so Government schools got worse and worse and worse.
They were pretty bad before. They got really worse during the 1960s and after that period.
And so college is a way of preventing the market from evaluating the skill sets provided by children and youths by government schools.
Because after 12 years of government education, if you graduate and you can barely get minimum wage, there's another reason why minimum wage has to be jacked up.
People are sent off to college and minimum wage is jacked up.
Why? To cover up how bad the government schools are and to cover up that after 12 years you don't have any job skills, you don't have anything that's worth anything pretty much in the free market.
So again it's just a way of deferring The market evaluation of government schools and preventing people from reforming it because, of course, government schools, they're not there to help children.
They're there to help incompetent people keep their jobs and they're there to harvest tax money in the form of flow through union dues to the Democrats, right?
Union dues generally flow to the Democrats.
So, there's so many falsehoods about Schools, the idea that college, as you go to college, you're going to be smart, is not the case at all.
How on earth is college supposed to make you effective in the free market or in a market environment if you're generally being taught by people who hate the market?
You understand? It's like going to the KKK and trying to come out with a positive view of race relations.
It just doesn't work.
People in college, the professors in college, and I had a bunch of them too, No interest in the free market, indifference to the free market, or outright hatred of the free market.
So either school is there to help you get a job in the government, or it's there to harvest you for debt and infect you with leftist propaganda, but it's certainly not there to help you succeed in the free market because then, I mean, some exceptions, University of Chicago for econ and so on, but this idea that you're going to dump young people into unfathomable debt is fantastic for the powers that be.
First of all, if you can get people to pay for being propagandized themselves I mean you can't get anything more efficient than that and so you force parents to pay for the increasing leftist propaganda of kids and hypersexualization of kids in government schools through you know middle school and high school and if you can get people to go massively into debt to receive indoctrination from the left I mean that's absolutely fantastic for two reasons one the left doesn't have to pay for it and two when you're in debt you can't make waves when you're in debt Can you really strongly negotiate for wages?
Well, particularly if you've been infected with hatred of the market and the idea that having a boss is the same as being a slave.
I mean, can you go in effectively and positively and enthusiastically to get a job?
And if you have to meet those treadmill dagger spiked payments every single month, can you rock the boat?
Can you make waves? Well, no.
Not really. So, university or college These days is doing what the West as a whole is doing, which is living off the virtues of the past.
We live off the capital of the past.
We live off the productivity of the past.
We live off the freedoms of the past.
I mean, think of the Democrats these days.
Do you think they'd be implementing free speech in 1776 and beyond?
I don't think so. So, we're living all these virtues of the past.
Universities had a good reputation because they had very high standards.
Those standards have collapsed, which means that more intelligent people don't want to go to college anymore because you're surrounded by less intelligent people with a dumbed-down, virulent, anti-freedom curriculum, and you're paying for the privilege of being indoctrinated with the virus that's destroying your culture and your civilization.
Not to mention, of course, the fact that the danger of sexual activity in college, for men in particular, has become extraordinarily high.
Even the networks and the contacts that you used to be able to get in college are diminishing.
Harvard is looking at getting rid of all college fraternities and sororities.
So even the networks are going to be diminished and brutalized.
So even that value doesn't help very much.
So, you know, my perspective is I'm fairly well educated, but my perspective is if you don't have to go to college to do what you want, like if it's not just that you've got to jump through these hoops, you've got to be a doctor, you've got to do this, you've got to be an engineer, you've got to do that.
Certainly in the arts. I don't think it's going to be very long before people realize that an arts degree is like a big I'm a leftist troublemaker stamp on people's forehead and going to college and graduating from college is no longer going to be seen as an IQ test.
