Lars Larson: Another $1 trillion bubble

by Lars Larson

Would you believe America is staring down the barrel of another $1 trillion bubble?

It’s a trillion dollar bubble. Not houses this time, not automobiles, but higher education. Last year alone, United States college students borrowed $117 billion. Now some of that was probably for jobs that will easily pay back those loans: doctors, engineers and scientists.

But an awful lot of it is loaned to young men and women, who for all the right reasons, go off to college but don’t know exactly what they’re going to do. And the education they get isn’t worth the salary that will easily pay back those loans. That means there’s going to be a bubble.

The total amount of U.S. student loan debt now stands at $1 trillion. And when a lot of those young men and women come out into a workforce, even if the economy takes off again, that does not supply the jobs they need to pay the money back – guess who’s on the hook?

That’s right – you and me – the taxpayers.

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