So, you're saying we should have always been a nation of renters driving 10 year old cars to the thrift store to buy second-hand clothes and day old bread?
That's a blanket statement and it's simply not true. Debt on a depreciating asset is not okay. Education, even though it's expensive in the US, is still worth the price when you compare average earnings to someone with a high school diploma. Unfortunately, it has gotten to the point where you need a terminal degree in order to get ahead. Not everyone has the aptitude to become a doctor nor should they.
Another blanket statement that's also not true. It's none of your, or anyone else, friggin' business what people buy on credit so long as their debt is within their means to repay. Another blanket statement. There are plenty of colleges that overcharge and under deliver in this country. Moreover, the reliance on a piece of paper that really only proves you had the ability to show up for class is the root of the problem. There needs to be more of a focus on competency. I've met plenty of Ivy school types that could cite chapter and verse on a topic, but couldn't apply their rote knowledge if their life depended on it. I've also seen high school drop outs that could absolutely crush these grads when it came to applied ability.
There are people I know in university who have already gotten themselves in £10,000 worth of debt, the argument that the universities make is that when they finish their degree they will make ten times more than that. Of course this is a blatant lie in most cases because you still have to go into a starter job and the degree is no guarantee if you don't have the skills to back it up. Debt indiscriminately effects everyone as long as they are ignorant and stupid with their money.
I never said it was my business. I couldn't give two shits what people spend their money on. I simply meant that debt on a depreciating asset can kill wealth overtime if it's not kept within reason. No doubt there are some bright people who dropped out of high school, but they're few and far between. If you run a business, would you rather take your chances on a high school dropout or someone with an Ivy League degree? Corporate America doesn't hire very many high school dropouts even for janitorial positions. There must be a good reason for this. Colleges teach theory. They're not career training centers or a trade schools. The real learning comes on the job as it should.
That's exactly where this country is headed. Thanks for letting me take a peak at your crystal ball...