The American Nightmare: Student Debt Will Be A Long-Term Drag On The Economy - Forbes

The American Nightmare: Student Debt Will Be A Long-Term Drag On The Economy - Forbes:

The American Nightmare: Student Debt Will Be A Long-Term Drag On The Economy

With the Occupy Wall Street protests entering their fifth week and growing, one issue that’s frequently brought up is the crushing student debt burdensthat many face. In an era of high unemployment and stagnant wages, student loan defaults have reached their highest level in more than a decade. Outstanding student loan debt is projected to reach $1 trillion by year’s end. Barely more than a third of loan holders are actively paying down their debts, indicating that the burden may be too much for many. What effect will the ballooning student debt load have on the economy in the long term? According to Alan Nasser, professor emeritus of political economy at Evergreen State University, the American dream is about to become the