EDUCATIONAL SLAVES

THE most important part of life is under threat for a large and growing number of young adults.

To put this statement into context, both in UK and USA a university education is becoming not just more and more expensive but out of reach for a large number of individuals who wish to have higher level education. This is crazy; in all media I read that the EU, UK and USA are desperate for graduates. Indeed the European Union has made it a priority. However, what I read does not equate with what is actually happening as on the one hand every (western) country is crying out for such people but on the other the budget for education is shrinking. Indeed, in many countries the situation is that students have to pay the fees (albeit subsidised by “cheap” government loans).

First, consider USA: recently the Federal Reserve stated “student loans now in excess of $870 billion” – but when you add delinquent loans that will rarely if ever be paid, the sum goes up to almost $1 trillion (that’s 1 and twelve zeros!). 37 million US students owe money for school loans. Total outstanding debt for education is larger than that for all outstanding car loans and larger than consumer credit card debt. 

Now for the UK: For this year (2012), the annual tuition fee for a university course (if you are a UK or EU resident) is £9,000. For any student living outside these areas, the fee is “variable” – but you can bet your last dollar it’s higher! According to a report in January of this year, the cost of unpaid student loans (passed on to the taxpayer, naturally!) could reach £9 billion. It also adds that unless a graduate receives an annual salary in excess of £50,000, a large part of his/her loans will eventually “written off” (via the taxpayer, again!).

Now for the $1trillion question: “where are the jobs coming from?” Unemployment rates all over USA and EU including UK are at astronomical levels – 8%+ in USA, almost that in UK and a terrifying 10%+ in the EU as a whole, with some countries (Spain and Greece) way above that figure (like 25%+). Austerity measures everywhere without any signs of programmes for growth exacerbate the problem. Amongst graduates (the very people companies and countries say they want), unemployment is stratospheric. In the last few days there have been a growing number of shrill European voices claiming that “growth” rather than “austerity” is the way ahead. Finally, someone, somewhere has realised the “bloody obvious”….

Seems to me that politicians will willingly throw OUR money (and ever-increasing amounts of it) in devising new and exotic ways of killing more people more easily, yet are averse to spending money in educating the next generation(s). I’m sure we all agree that young, educated and gifted individuals are the life-blood of a country; why is it then that politicians ignore this life-blood and focus on spilling (more) blood…..sadly, I have no answer. I can only suggest a country-by-country onslaught on politicians to get them to change their opinions in the name of greater future prosperity for all.

Until next time (still learning),

Peripatetic Scribe