Education

The Trump Regime’s Solution to Insane Student Debt: Literacy Classes

JM Ashby
Written by JM Ashby

Americans are sitting on over $1.5 trillion in student debt and the Trump regime's big idea for tackling the problem is for colleges to provide mandatory classes in how to handle your personal finances.

And if that weren't insulting enough, it may be even more insulting coming from the current occupants of the White House.

From MarketWatch:

Colleges should provide lessons in mandatory financial literacy courses and financial-aid letters that itemize attendance costs, according to a new report from a federal government commission.

The Financial Literacy and Education Commission — a group including the Treasury Department and the Department of Education — said such best practices are especially important now that Americans have become bogged down in $1.5 trillion in student-loan debt.

“Helping students and their families avoid the pitfalls associated with financing higher education, and empowering them to make optimal financial choices, should be a priority of all institutions of higher education,” said the report released Friday. Excessive debts can stunt budding careers and possibly cut into future savings, the commission said.

You know who really needs a financial literacy class? At least half of Congress, a majority of those who occupy the executive branch, and the goddamn *president himself. Trump doesn't even know the meaning of words.

For the overwhelming majority of Americans, there is no way to "avoid the pitfalls" of taking out loans for higher education and it's difficult to make an "optimal financial choice" when there is almost no choice.

Higher education is simply way too expensive and college education has proliferated so much that simply having a degree is no guarantee that you'll land a job that pays well enough to cover the cost of obtaining the degree in the first place.

Wages have stagnated for decades but the cost of living and obtaining higher education has skyrocketed. The result is our student debt crisis.

Mandating financial literacy classes is not going to raise anyone's salary.

  • Draxiar

    I’ve seen my nieces and nephews struggle with this and it’s frustrating to witness. I’m not necessarily on board with college being free (though it is sexy) the cost either puts it out of reach or displaces other things after college. We’re long past the days of getting a decent paying job on a high school diploma and for these out of touch dipshits to suggest that it’s poor money management is ludicrous at face value. To quote “The Aviator”…”you don’t worry about money because you have it.”

    • Karen Marie

      What’s your objection to college being free? It seems to be working well for Germany. The biggest problem – horror of horrors – is that college enrollments have increased and taxpayers pay slightly more. The people who complain are those who say they are not themselves students and who have no one in their family who is a student – same bullshit argument made by some childless people here who resent taxes paying for public schools.

      • Draxiar

        Let me first say that I’m on the fence with it. I understand the benefits of free college and coming from a family of educators I’m all for people having access to affordable education. I’m pro-education. I’m not *against* free education nor would I mind my taxes going up to support it.

        That said, I also believe that people should work for things in some form or fashion. I’m well aware that being taxed forevermore to support it could be considered a method for an individual paying for their college.

        There’s a multitude of factors that are part of free college and I’m more on the side of it than not. There’s just a nagging hesitance about, and pardon my clumsy explanation here, giving an allowance without doing house chores.

  • Ceoltoir

    Lecturing people who are struggling to get by on the meager wages that American corporations get away with paying people about how they need to be “more responsible” with the money they don’t have is typical of the republican party. We are left with the question of who isn’t the welfare queen who has been used since the late seventies as an excuse to pauperize all American workers?

  • muselet

    In isolation, requiring financial literacy classes is not a bad idea. Should be done in high school—even middle school—rather than college, but it’s not unreasonable. (Such classes already exist in some places, by the way. They teach kids how to manage money, how to write checks, how to balance a checkbook, how to budget, and so on. Basic stuff, but important.)

    However (you knew there was one of those coming) …

    Funancial literacy isn’t the reason for high student-loan debt. Rising tuition and fees on the one hand, and an inane insistence by employers that all applicants for all positions have a Bachelor’s degree on the other are more important drivers (along with, yes, wage stagnation and the rising cost of living).

    Once again, the Trump administration has decided to give the appearance of doing something about a problem rather than actually address the problem.

    –alopecia

  • simpfan

    So we’re, like, one step away from “let them eat cake”, right?

    • Draxiar

      Exactly what I was thinking…