The Spectacle Blog

I’ve Got 674,580,000,000 Problems and It’s All College Debt

By on 11.6.13 | 5:06PM

The follies and foibles of higher education in the present day have been well-documented. While learning outcomes flat-line and jobs stay scarce, spending on education has only increased dramatically. Today, is reporting that the Obama administration has hiked up college loans by an astounding 463 percent since inauguration. Here’s the rundown:

Since President Barack Obama took office in 2009, the amount of outstanding federal student loan debt owed to the government has skyrocketed, increasing by 463 percent. The balance owed currently stands at $674,580,000,000.00 compared to $119,803,000,000.00, where it stood in January 2009.

This is a ruinous road we’re treading.

It’s no secret that it’s a daunting task for undergrads these days to find a job upon graduation. As tuition rates rise and necessitate more—and larger—loans with fewer full-time jobs to be filled, incurring 463 percent more risk stands out as the solution.

What is more, employment problems will only be exacerbated by Obamacare regulations thatrequire firms with 50 or more “full-time equivalent workers” to offer health plans to employees who work more than 30 hours a week.

In an already crippled job market, employers will have even less incentive to hire people full-time for overhead reasons, which will negatively effect debtors’ abilities to pay down college loans.

Glad to see we have our priorities in order.

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