It all goes back to two well-intentioned federal goals: first, that a college education should be within the reach of every American, and second, that if students borrow money from the federal government, they should repay it. Most of us would agree that both are noble goals. But the consequences of both have been stunning.
As a result of the first, the money began to flow; over the last 30 years, inflation-adjusted federal financial aid has quadrupled. Total student debt has now reached the $1 trillion mark, more than the credit card debt of every American combined. The federal deficit in the recently ended fiscal year totaled $1.3 trillion; the debt load carried by college grads now stands at more than two thirds of our nation's massive budget shortfall.
The above paragraph was actually written five years ago. The actual numbers are far worse today.
Look at the bright side: it's only 1,272 percent inflation in the last 38 years.
Well done, Democrats!
Hat tip: BadBlue Real-Time Financial News.