Reich: the commencement speech we haven't heard yet

[eridani]

http://www.commondreams.org/view/2012/05/19-2

The extraordinary rise in student debt is due to two related facts: the cost of a college education continues to increase faster than inflation, and state and local spending per college student continues to drop – this year reaching a 25-year low.

But this can’t go on. If unemployment stays high for many years, if the wages of young college grads continue to fall, if the costs of college continue to rise and state and local spending per college student continues to drop, and if the college debt burden therefore continues to explode – well, you do the math.

At some point in the not-too-distant future these lines cross. College is no longer a good investment.

That’s a problem for you and for those who will follow you into these hallowed halls, but it’s also a problem for America as a whole.

You see, a college education isn’t just a private investment. It’s also a public good. This nation can’t be competitive globally, nor can we have a vibrant and responsible democracy, without a large number of well-educated people.

So it’s not just you who are burdened by these trends. If they continue, we’re all f*cked.

[pipoman]

1. Even a broken clock...

[riderinthestorm]

2. Robert Reich has been one of the sanest financial voices out there

The bit in the OP is just one more excellent commentary in a whole list of prescient wisdom from Reich.

[pipoman]

3. Yeah, he's a real hero of labor he is...

Mexican labor, Chinese labor, Indian labor...US labor was what he was hired to advocate for, too bad he screwed them...oh well it is good for big business, eh?