27. The Debt Sentence II: Demagogues, Proletariats & The Reagan Devolution of Student Loans
In the wake of the tumultuous 1970s, marked by scandal, economic troubles, and societal upheaval, the 1980s saw a seismic shift towards conservatism under President Reagan. Deregulation and tax cuts fueled a period of economic growth, resulting in the rise of corporate power and wealth, and the impact of globalization. As the Cold War came to a close and cultural changes such as the emergence of MTV and the AIDS epidemic took hold, America seemed to be on a path to prosperity. But hidden beneath the veneer of progress was the twisted tale of Uncle Sam's Federal Student Loan Program, a seemingly noble venture that would ultimately become a beast of burden, ensnaring countless innocent borrowers in insurmountable debt. Sallie Mae and other big banks have since profited from this ill-gotten gain, while the feds have turned a blind eye to the carnage they have caused.
How the Threat of an ‘Educated Proletariat’ Created the Student Debt Crisis - Genevieve Carlton, Ph.D., BestColleges.com, 09/18/2022Universities Are Becoming Billion-Dollar Hedge Funds With Schools Attached - ASTRA TAYLOR, The Nation, MARCH 8, 2016From Master Plan to No Plan: The Slow Death of Public Higher Education - Aaron Bady and Mike Konczal, Dissent Magazine Fall 2012The Sandia Report On Education: A Perfect Lesson In Censorship - Projectcensored.org What 'A Nation At Risk' Got Wrong, And Right, About U.S. Schools - Anya Kamenetz, NPR, April 29, 2018REAGAN WILL SPEED COLLECTION OF DEBTS ON FEDERAL LOANS By Howell Raines, New York Times, Feb. 27, 1981Senators urge repeal of tax reform 'mistake' on student loans - GEORGE LOBSENZ, United Press International, MARCH 15, 1988The Debt Trap: How Student Loans Became a National Catastrophe - Josh Mitchell, Simon & SchusterIndentured Students: How Government-Guaranteed Loans Left Generations Drowning in College Debt - Elizabeth Tandy Shermer, Bellknap Press