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JOHN
F. WASIK
The
College Debt
Crisis:
How to Restore
the American
Dream
According
to Forbes
Magazine,
"Two-thirds,
that’s right,
two-thirds of
students
graduating
from American
colleges and
universities
are graduating
with some
level of
debt.
How
much?
According to
The Institute
for College
Access and
Success
(TICAS) Project
on Student
Debt, the
average
borrower will
graduate
$26,600 in the
red.
While we’ve
all heard the
screaming
headlines of
graduates with
crippling debt
of $100,000 or
more, this is
the case for
only about 1%
of
graduates.
That said, one
in 10
graduates
accumulate
more than
$40,000.
"It’s a
negative sum
game for both
student-borrowers
and the
economy.
According to
the Consumer
Financial
Protection
Bureau,
student loan
debt has
reached a new
milestone,
crossing the
$1.2 trillion
mark — $1
trillion of
that in
federal
student loan
debt.
"This pushes
student loan
debts to
dizzying new
heights, as
they now
account for
the second
highest form
of consumer
debt behind
mortgages.
With the
federal debt
at $16.7
trillion,
student loan
debts measure
at 6% of the
overall
national
debt."
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John Wasik, a lifetime Chicago-area
resident, is the
author of 14
books, including
The Merchant
of Power
and The
Cul-de-Sac
Syndrome.
He also pens the
Forbes blog
"Bamboozlement,"
writes an
investment
column for
Reuters, and
contributes to
The New York
Times. He's won
18 awards for
his writing and
speaks across
the country on
investment
topics. He spoke
to the Cigar
Society last
year about John
Maynard Keynes.
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The
Lounge at Iwan
Ries
Tuesday,
November 24,
2015
5:30-8:30pm
Cocktails
at 5:30,
presentation
6:00-6:30,
followed by
discussion and
more
cocktails.
Reservations
are required.
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About
the
Cigar Society of Chicago
ONE OF THE OLDEST
AND greatest traditions of the
city clubs of Chicago is the
discussion of intellectual,
social, legal, artistic,
historical, scientific, musical,
theatrical, and philosophical
issues in the company of
educated, bright, and
appropriately provocative
individuals, all under the
beneficent influence of
substantial amounts of tobacco
and spirits. The
Cigar Society of Chicago
embraces this tradition and
extends it with its Informal
Smokers, University
Series lectures, and Cigar
Society Dinners, in which
cigars, and from time to time
pipes and cigarettes, appear as
an important component of our
version of the classical symposium.
To be included in the Cigar
Society's mailing list, write to
the secretary at
curtis.tuckey@logicophilosophicus.org
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